/weekend need to know
U.S. INTENDS TO SUPPORT STRANDED HORMUZ SHIPS MONDAY
IRAN'S 14-POINT PLAN REJECTED BY TRUMP
IRAN CUTTING OIL PRODUCTION
UKRAINE-RUSSIA - ENERGY STRIKES PERSIST
OTHER MARKET NOTES: OPEC+, Lebanon, China Sanctions, Somali Piracy, Iraqi Output
/summary
U.S. INTENDS TO SUPPORT STRANDED HORMUZ SHIPS MONDAY
In a Sunday evening curveball, Trump took to Truth Social to claim that the U.S. will "escort" ships out of the Strait starting Monday - referring to neutral nations/ships.
If this goes ahead, it looks like Iran is left with only two choices: sit back and watch the US Navy escort ships through the strait, losing all their leverage, or respond militarily to protect it - risking escalation.
IRAN'S 14-POINT PLAN REJECTED BY TRUMP:
Trump rejected Iran's 14-point peace proposal on Sunday evening, calling it "not acceptable." The plan - submitted via Pakistan - sets a 30-day deadline for the US to end its blockade, calls for a withdrawal of US forces, lifting of sanctions, release of frozen assets, war reparations, and an end to hostilities including in Lebanon.
It proposes a 15-year enrichment freeze before Iran resumes at 3.5%, and defers nuclear talks entirely. Iran confirmed Sunday it is reviewing the US response received through Pakistani mediators.
Iran says right now it is only focusing on ending the war on all fronts.
BLOCKADE & IRANIAN OIL:
Iran is proactively cutting production by up to 30% of reservoir capacity to stay ahead of storage limits as the US blockade - in place since April 13 - continues to restrict exports.
Bloomberg cited a senior Iranian official confirming the move, noting engineers are drawing on experience from past sanctions to manage the cuts without causing irreversible damage to infrastructure. It counters US messaging that Iran’s infrastructure will collapse - a deadline which has already passed.
