Trump Says Iran Cease-Fire Is on Life Support as Tehran Issues New Demands

Speaking to reporters in the Oval Office, he reiterated that Iran could not be allowed to develop a nuclear weapon. Officials said nations are bracing for long-term economic effects from the conflict. Iran's state-owned broadcaster reported that in its latest counterproposal delivered via Pakistani mediators, Iran had demanded that the United States pay war reparations, recognize Iranian sovereignty over the Strait of Hormuz and end the sanctions placed on the government in Tehran.

The counterproposal would have ensured the safe passage of commercial ships through the strait. Tehran effectively closed the waterway after the United States and Israel started bombing Iran in late February. The vital sea channel is normally a conduit for one-fifth of the world's crude oil and a significant share of its natural gas and fertilizer.

India's leader urged residents to cut back on purchases and travel in response to the developing situation. Officials indicated the economic pressure could persist for an extended period.

Countries across the region and beyond have begun taking steps to mitigate potential disruptions to energy supplies and trade routes. The cease-fire agreed to last month has shown limited signs of holding. Shipping and energy markets continue to monitor developments closely for any further changes in access to the Strait of Hormuz.