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Tehran is sticking to its conditions for reopening the Strait of Hormuz and refusing to remove any quantity of enriched uranium. Abbas Araghchi said the strait could be reopened within two days if Washington met Iran’s seven demands, including lifting sanctions and the naval blockade and ending the fighting. The United States continues to apply economic pressure, maintaining the naval blockade while postponing further strikes, but has signaled its readiness for diplomacy amid international efforts to de-escalate tensions and ensure freedom of navigation. After a report of a tanker incident in the strait and an announcement by the Islamic Revolutionary Guard Corps that a tanker had caught fire after striking a mine, Brent crude rose 1.4% to $92.75 a barrel, while U.S. crude gained 0.7% to $86.61.
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