Houthi rebels in Yemeni strike an oil refinery in Saudi Arabia. Netanyahu rejects Trump‘s Board of Peace deal for Gaza on grounds that it makes Israel look weak ahead of national elections and demands full Hamas disarmament. The US president says he has turned away from military action against Tehran and wants to stick with economic pressure—adding that he is only semi-negotiating with Iran.
Oil prices swing higher as the Revolutionary Guard insists that their list of terms, including reparations for two wars, the lifting of the US naval blockade, unfreezing of assets, removal of sanctions and withdrawal of American troops from the region, must be met in full before the Strait of Hormuz will be reopened under joint Iranian-Omani control. Not seen in public since the start of the war, the government is preparing to release images of the Supreme Leader.