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Story summary
- President Donald Trump rejected Iran’s offer to reopen Strait of Hormuz, calling the blockade “genius” and telling Iran to “cry uncle.”
- The United States is weighing limited strikes against hard-liners in Iran’s regime.
- World Bank warned oil shock could become largest ever, with refinery shortages set to impact markets more than United States, while Israel and United Arab Emirates prefer a deal that restricts Iran’s missile program over lifting sanctions.
