Ata mārie and welcome to your Tuesday summary of global business and political news.
First up, Iran has rejected a proposed 45-day ceasefire with the United States and Israel as a deadline looms to fully reopen the Strait of Hormuz shipping route, the ABC and Reuters reported.
Iran's response had ten clauses, including an end to conflicts in the region, a protocol for safe passage through the Strait of Hormuz, lifting sanctions, and reconstruction. Earlier, Trump told reporters he was prepared to rain "hell" on Tehran if it did not make a deal by 8pm Tuesday, Washington DC time.
“They [Iran] made a proposal, and it’s a significant proposal. It’s a significant step,” Trump said. “It’s not good enough, but it’s a very significant step. They’re negotiating now, and they’ve made a very significant step. We’ll see what happens.”
Overnight, Israel struck Iran's largest petrochemical facility in Assaluyeh on Iran's Gulf coast, where there were reports of multiple explosions, the ABC said.
Iran's National Petrochemical Company said it was assessing the damage after a fire was brought under control at the plant. Israeli Defence Minister Israel Katz said it accounted for about 50% of Iranian petrochemical production.
US President Donald Trump.
Trump’s Tuesday deadline could be another ‘Taco’ moment – ‘Trump Always Chickens Out’. Global financial advisory deVere Group CEO Nigel Green said the fixation on whether ‘Taco’ materialises misses the broader danger signs for financial markets.
“Traders are debating whether there will be a tactical pause or escalation, but positioning around that binary outcome is creating instability. Either scenario carries risk, and both can trigger aggressive repricing.”
Oil prices were choppy during trading on Monday after Trump threatened to destroy critical infrastructure in Iran. Brent crude rose above US$110 per barrel before those gains eased back, the BBC said.
Trump also announced the successful rescue of a US airman missing after an F-15 jet with two US crew members on board had been shot down over southern Iran.
While the pilot was rescued after ejecting from the aircraft, the second crew member went missing. US Defence Secretary Pete Hegseth said the operation to retrieve the crew member resulted in no US casualties, Al Jazeera reported.
He also said US forces would carry out more strikes on Iran with plans to further escalate attacks this week if the ceasefire talks fell through. “Today will be the largest volume of strikes since day one of this operation. Tomorrow, even more than today. Then Iran has a choice.”
Meanwhile, India has been purchasing oil and gas from Tehran after a seven‑year hiatus, as it struggles with supply disruptions and elevated energy prices, CNBC reported.
India’s Ministry of Petroleum and Natural Gas said Indian refiners had secured crude supplies from more than 40 countries, including Iran. In return, India hoped to ensure the safe passage of its ships through the Strait of Hormuz.
JPMorgan Chase CEO Jamie Dimon.
JPMorgan Chase CEO Jamie Dimon called for a broad recommitment to American ideals as his bank navigated geopolitical uncertainty, he wrote in an annual letter to shareholders, CNBC reported.
He noted the country’s 250th anniversary as the “perfect time to rededicate ourselves to the values that made this great nation of ours – freedom, liberty and opportunity,” he said. “The challenges we all face are significant. The list is long, but at the top are the terrible ongoing war and violence in Ukraine, the current war in Iran and the broader hostilities in the Middle East, terrorist activity and growing geopolitical tensions, importantly with China.”
In other news, Trump has put his support behind Republican Steve Hilton as governor of California to replace outgoing governor Gavin Newsom, CNN reported.
“With Federal help, and a Great Governor, like Steve Hilton, California can be better than ever before!” Trump wrote on Truth Social.
Hilton is a former strategist in UK politics. His campaign team thanked Trump for the endorsement.
