US-Iran war LIVE: Exactly two months after the US-Iran war began on February 28, Iran has offered to end its bottleneck in the Strait of Hormuz if the US lifts the blockade and ends the war, the AP reported. But US President Donald Trump appears unlikely to accept the offer, while Secretary of State Marco Rubio has apparently ruled out any deal that would exclude Iran’s nuclear program.
Meanwhile, the biggest news coming out of West Asia is the United Arab Emirates’ announcement that it will leave OPEC (Organization of the Petroleum Exporting Countries) as of May 1. This will deprive the oil cartel of one of its biggest producers.
Here are the latest updates so far:
Brent oil price: On Tuesday, Brent crude was trading above $111 a barrel, more than 50% higher than its pre-war price.
Arab countries of the Persian Gulf jointly condemned Iran’s actions in the Strait of Hormuz in the Gulf at a meeting of the Cooperation Council in Saudi Arabia chaired by Saudi Crown Prince Mohammed bin Salman.
Leaders from Qatar, Bahrain, Kuwait and the United Arab Emirates called for restoring “security and freedom of navigation” to pre-war levels and urged deeper military integration
UAE withdrawal from OPEC: The announcement does not change the blockade of the Strait of Hormuz, but it could help lower post-war oil prices.
