U.S. President Donald Trump said Iran wanted the Strait of Hormuz open “so they can make $500 Million Dollars a day”, which he said the Gulf nation would risk losing if it remains closed. “Iran is collapsing financially! They want the Strait of Hormuz opened immediately,” he wrote on Truth Social, adding that the Islamic republic was “starving for cash.”
Also read: How a U.S.-Iran deal over Hormuz unravelled
Earlier, Mr. Trump saidthat the United States was indefinitely extending the Iran ceasefire — a day before it was to expire — as a new round of peace talks was on hold. The announcement appeared to ease fears that the fighting, which had shaken energy markets and the global economy, would promptly resume.
Iran has not yet responded to Mr. Trump’s announcement of the ceasefire extension. Both countries have warned that, without a deal, they were prepared to resume fighting.
Also read: Can Israel’s economy sustain conflicts on multiple fronts?
