00:00U.S. President Donald Trump announced late on Thursday that he's extending his deadline for Iran to reopen the crucial
00:07Strait of Hormuz by 10 days, reportedly in response to an Iranian government request.
00:13In a post on his own social media platform Truth Social, Trump revealed that talks with Tehran to end the
00:19war are quote, going very well, despite what he said were erroneous false statements by what he called the fake
00:26news media.
00:26Speaking at a cabinet meeting on Thursday shortly before his announcement, Trump sideswept questions about the strategic waterway, indicating that
00:35his decisions are made based on advice from his envoys.
00:38I don't know yet. I don't know. Mr. Whitcoff and J.D. and Jared will tell me whether or not
00:47they think it's going along and if it's not going along, maybe not.
00:50And we have a lot of time. You know what? It's a day. In Trump time, a day, you know
00:56what it is? That's an eternity.
01:00U.S. Treasury Secretary Scott Besson says Washington continues to see a daily increase in traffic in the Gulf, despite
01:07not fully securing the Strait.
01:09The Iranians believe they are fighting a two front war. It is the military war that our great warriors are
01:17prosecuting.
01:18But on the other side, they are trying to take control of the global economy through a choke point that
01:24we believe does not exist and that we will overcome.
01:28Mr. President, we are starting to see more and more movement in and out of the Gulf today. And this
01:35is more than yesterday. And this is the beginning. I am confident that shipping traffic will continue to increase on
01:43a daily basis, even before we secure the straits.
01:47This trade has been effectively closed for transit for almost four weeks, and with it halting the traffic of 20
01:54% of the world's oil flows, skyrocketing prices.
01:58On Thursday, Brent crude, the international standard, continued to trade at above $107 a barrel, representing a more than 60
02:07% spike in prices compared to pre-war numbers.
02:10The halt in exports has significantly increased fuel prices at the pumps and rattled global markets.
02:17The halt in exports have 06 a barrel, including the
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