Strait of Hormuz stuck in limbo as Trump mulls Iran's latest offer
The Strait of Hormuz remains a flashpoint as President Trump considers Iran's proposal to lift mutual restrictions on the waterway while delaying nuclear talks. Oil prices have risen to over $112 a barrel due to disrupted shipping, and fighting persists between Israel and Iranian-backed Hezbollah in Lebanon. Meanwhile, the Panama Canal sees increased traffic as a result of the blockade, and U.S. defense officials face congressional scrutiny over war costs and military readiness.
- ▪President Trump stated that Iran informed the U.S. it is in a 'State of Collapse,' amid discussions over a proposal to reopen the Strait of Hormuz.
- ▪International oil prices surpassed $112 a barrel as the conflict continues to restrict shipping through the Strait of Hormuz, a key energy corridor.
- ▪Panama reaffirmed the neutrality of its canal, which has seen daily ship traffic rise from 34 to 50 due to rerouted vessels avoiding the Middle East conflict.
- ▪U.S. defense Secretary Pete Hegseth is set to testify before Congress on the 2027 military budget, amid criticism over the costs and conduct of the war with Iran.
- ▪American budget airlines are seeking billions in federal aid due to soaring fuel costs driven by the ongoing Middle East conflict.
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World Iran war and Strait of Hormuz stuck in limbo as Trump mulls latest Iranian offer By Tucker Reals, Tucker Reals Editor Tucker Reals is CBSNews.com's foreign editor, based in the CBS News London bureau. He has worked for CBS News since 2006, prior to which he worked for The Associated Press in Washington, D.C., and London. Read Full Bio Tucker Reals, Frank Andrews Frank Andrews Journalist Frank Andrews is a CBS News journalist based in London. Read Full Bio Frank Andrews Updated on: April 29, 2026 / 4:15 AM EDT / CBS News Add CBS News on Google Follow updates on the war in the Middle East for Wednesday, April 29, here.
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