Iran Refuses to Soften Demands as Trump Rejects Hormuz Offer

Mike McGlone, Senior Commodity Strategist for Bloomberg Intelligence, joined Bloomberg's Paul Sweeney and Scarlet Fu to talk about the state of the oil and trade market as the US and Iran continue talks. Iran and the US appeared far apart on a new ceasefire deal or the reopening of the Strait of Hormuz, with Tehran saying it’s sticking to a proposal US President Donald Trump has rejected. Tehran made an offer to reopen the strait within seven days if Washington makes some concessions, which it hasn’t specified. Its leaders have previously said the US must lift a naval blockade and oil sanctions for there to be any progress on allowing more ships through the vital waterway. (Source: Bloomberg)

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