What happened
President Donald Trump has rejected a proposal for a week-long ceasefire with Iran. The proposal, made by Iran, included reopening the Strait of Hormuz in exchange for the US lifting its blockade on Iranian ports. Trump expressed skepticism that Iran would meet his demands.
Negotiations between the US and Iran are reportedly ongoing, with Iran's delegation still in New York after attending the UN General Assembly. Meanwhile, the US is intensifying its economic campaign against Iran, with new sanctions planned for banking institutions and airlines that do business with Iranian interests.
The conflict has had significant economic implications, with Brent crude closing at $104 per barrel on Friday and gas prices averaging $4.49 per gallon of regular gas and $6.48 per gallon of diesel.
