Strait Standoff: Iran's Ultimatum Squeezes Britain as Oil Surges and Supermarkets Face the Heat

Iran's new Supreme National Security Council secretary Mohsen Rezaee issued a blunt ultimatum: the Strait of Hormuz will not reopen until the United States "ends the war and blockade, releases Iran's frozen assets, and agrees to a region-wide ceasefire." Donald Trump dismissed Tehran's six conditions — which included "payment in full" for war damages — retorting he would demand compensation from Iran in return. Oil surged past $89 per barrel on Wednesday, its sixth...