Updated

Tensions in the Strait of Hormuz intensified after Iran offered to reopen the key shipping route and restart negotiations with Washington within seven days if the Trump administration met Tehran's conditions; President Trump rejected the proposal. Oil prices rose more than 1% on the news as traders priced in continued disruption risk to the vital chokepoint through which a large share of global crude flows. Separately, Iran's foreign minister said Tehran is prepared for a "doomsday" war with the U.S. but left diplomacy on the table, while Iran's navy said it is analyzing data from a captured U.S. underwater drone. The standoff continues to keep energy markets on edge amid fears of a broader military escalation in the Gulf.