Trump Issues 48-Hour Ultimatum to Iran on Hormuz Strait, 20% of Global Oil at Stake

US President Donald Trump issued a 48-hour ultimatum to Iran to reopen the Strait of Hormuz, through which 20% of global oil passes, threatening strikes on Kark Island if the Tuesday 8 pm deadline passes without a deal. Ceasefire talks, now in their second month, stalled after Iran’s lead negotiator accused Washington and Israel of breaching three clauses of Tehran’s 10-point framework. Federal Reserve officials warn of softening labor markets and prolonged inflation risks from a drawn-out war.