Trump issues ultimatum to Iran over Strait of Hormuz, grants temporary oil waiver

President Donald Trump threatened to attack Iran's power plants if it did not reopen the Strait of Hormuz within 48 hours. Iran rejected the ultimatum, threatened to close the strait completely and strike regional energy and water systems, and warned of 'irreversible damage' to infrastructure.

In a related move, the U.S. granted a temporary license for Iran to sell oil already at sea, which a report says was offered to India at a premium. The head of the International Energy Agency warned a conflict could cause an energy crunch worse than past crises. Two Indian tankers passed through the strait as the standoff continued.