Iran officially unveiled the Persian Gulf Strait Authority on Monday, formalizing its mechanism to regulate access and collect transit fees from vessels passing through the Strait of Hormuz, as a ceasefire to the Iran War entered its 41st day.
President Donald Trump spoke with Israeli Prime Minister Benjamin Netanyahu on Sunday about the possibility of renewing the war, the Times of Israel reported. The same day, Trump posted on Truth Social, “For Iran, the Clock is Ticking, and they better get moving, FAST, or there won’t be anything left of them.”
Two unnamed Middle East officials cited by the New York Times on Monday said that the United States and Israel are engaged in preparations for the possible resumption of attacks this week against Iran.
Iran’s Tasnim News Agency reported Monday that the U.S. has accepted a temporary waiver of oil sanctions against Iran in its latest negotiating text, according to a source close to the Iranian negotiating team. The waiver would suspend Office of Foreign Assets Control sanctions until a final agreement is reached, rather than permanently removing them.
Tasnim separately reported Monday that Iran submitted another 14-point peace proposal to Pakistan, which has mediated between Washington and Tehran.
Iran’s current stated conditions to end the conflict include an immediate end to hostilities, non-aggression guarantees, the lifting of U.S. sanctions, Iranian management of the Strait of Hormuz, an end to the ongoing U.S. naval blockade, and an end to the war “on all fronts” including in Lebanon, where Israel has waged a deadly military campaign.
The Financial Times reported Monday that the economic fallout from the Middle East war has pushed mortgage rates higher across North America and Europe, even as central banks have yet to officially raise interest rates, with lenders pricing in expectations that policymakers will eventually be forced to do so as a result of inflation caused by the conflict.
The Costs of War project at Brown University estimated Monday that American consumers have paid more than $40 billion in extra gasoline and diesel costs since the Iran War began.
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The price of Brent Crude oil was $108 on Monday morning while gas prices remained elevated. AAA reported the national average price of gas at $4.52.
A New York Times/Siena poll of 1,507 registered voters conducted May 11-15 found that 64 percent of Americans believe President Trump made the wrong decision to go to war with Iran, including 73 percent of independents. Seventy percent of GOP voters believe Trump made the right decision to go to war with Iran.
Lebanon’s Health Ministry said that Israeli strikes killed at least seven people in southern Lebanon on Monday, while the IDF said Hezbollah rockets were intercepted in southern Lebanon and northern Israel with no injuries reported.
