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Trump Cancels Pakistan Trip, Iran Offers Hormuz Plan, Oil Spikes

4/28/2026

41 8 Full Breakdown

Summary

Story summary

President Donald Trump canceled envoy Steve Witkoff and Jared Kushner's Pakistan trip, opting for phone talks.
Iran offered a new plan to reopen the Strait of Hormuz and end the war, deferring nuclear talks.
Brent June futures rose 2.8% to $108.23 a barrel as the Strait stayed effectively closed.
The Federal Reserve (Fed) is expected to hold rates steady at Wednesday’s meeting, likely Chair Jerome Powell’s final session.

History

Historical Context

In October 1973 OAPEC, led by Saudi Arabia, embargoed oil to the United States, cutting Middle-East exports by about 60 percent and raising barrel prices from $3 to $12—a 300 percent jump. The shock forced Nixon’s administration to confront energy security and proved geopolitical pressure could reshape markets. Today, the cancelled Trump-Witkoff-Kushner Pakistan mission and Iran’s renewed Hormuz proposal echo that 1973 leverage as Brent spikes.

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Story summary

President Donald Trump canceled envoy Steve Witkoff and Jared Kushner's Pakistan trip, opting for phone talks.
Iran offered a new plan to reopen the Strait of Hormuz and end the war, deferring nuclear talks.
Brent June futures rose 2.8% to $108.23 a barrel as the Strait stayed effectively closed.
The Federal Reserve (Fed) is expected to hold rates steady at Wednesday’s meeting, likely Chair Jerome Powell’s final session.

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