Iran doubled down on keeping the Strait of Hormuz closed until the U.S. meets a sweeping list of demands. President Trump scoffed at those conditions, especially paying reparations to Iran for damages caused by five months of U.S.-Israeli bombardments. The impasse comes as war appears closer in Yemen between a Saudi-backed coalition and Iran-backed Houthi rebels. Nick Schifrin reports.

The Strait of Hormuz’s closure has skyrocketed global energy prices and high prices are threatening to unseat Republicans this November.

Iran has effectively rejected expectations of an imminent reopening of the Strait of Hormuz, laying out sweeping conditions that would require the United States to fundamentally…