Iran Offers To Reopen Strait Of Hormuz, Delays Nuclear Talks, But President Trump Rejects Proposal: Report

Iran has reportedly offered to reopen the Strait of Hormuz on Saturday and end the US blockade in exchange for security guarantees, but has delayed nuclear talks but the proposal has been allegedly rejected by President Trump.

According to an Al Jazeera report, a senior Iranian official was quoted as saying, “Iran has called for a reduction in tensions by reopening shipping in the Strait of Hormuz and ending the current US blockade.

The proposal, which was passed through mediators, calls for delaying negotiations on Iran’s nuclear program to a later stage. Tehran sees the sequence as a strategic move to defuse immediate tensions and open the door to a broader agreement.

"Under this framework, the negotiations on the more complicated nuclear issue have been moved to the final stage to create a more conducive atmosphere," the official said, who spoke on condition of anonymity. 

Energy Select Sector SPDR ETF (XLE) closed in the red, down 1.34%, but edged slightly higher after hours to $58.90. On StockTwits, retail sentiment around XLE remained in the ‘bullish’ zone, while chatter stayed at ‘normal’ levels over the past day.

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