Oil prices crashed on Wednesday after Iranian state television broadcast details of a proposal to extend Iran’s ceasefire with the US and reopen the Strait of Hormuz, raising hopes of a deal.
According to the report, an agreement had not been finalised, but if a memorandum of understanding were agreed upon, Iran would restore shipping through the strait to prewar levels within a month.
It added that the US would also lift a naval blockade on Iranian ports. However, the White House called the Iranian report a “complete fabrication”.
The US Rapid Response 47 said on X, “This report from Iranian-controlled media is not true, and the MOU they ‘released’ is a complete fabrication. Nobody should believe what Iranian state media is putting out.”
In different social media posts, US President Donald Trump said, “We can make a good deal right now, but maybe not a great deal — and if it’s not a great deal, we’re not making it.”
