Seven OPEC+ countries agree June output hike amid Iran war

Donald Trump said he had reviewed Iran’s latest proposal and found it unacceptable, Israel’s Kan News reported on Sunday, citing an interview with the US president.

“It’s not acceptable to me. I’ve studied it, I’ve studied everything — it’s not acceptable,” Kan News quoted Trump as saying in a brief phone interview.

Trump added that the campaign is going “great.”

He said that “the Iranians want to make a deal, but I’m not satisfied with what they’ve offered,” adding that “there are things I can’t agree to.”

Minneapolis Federal Reserve President Neel Kashkari said on Sunday that the longer the Iran war continues, the greater the risks of higher inflation and economic damage, limiting how much guidance the Fed should give on rate policy.

“I don't feel comfortable signaling that a rate cut is in the cards. You know, we might be in worse scenarios, we might have to go the other direction,” Kashkari said on CBS’s Face the Nation program.

Kashkari said he was “very focused” on the war’s impact on inflation and economic demand amid the closure of the Strait of Hormuz.

Republican Senator Lindsey Graham said President Donald Trump should “finish the job” in Iran and resume military strikes if Tehran continues to be “provocative.”

Graham told the Financial Times that the United States needed to “open up the strait” and should do “whatever combination of events is necessary to start the flow” of ships.

“Between the blockade, which has been brilliantly executed, and letting Iran know that Kharg Island is in play, hopefully that will create some deterrence,” Graham said, referring to Iran’s oil export hub.

“If it doesn’t, (we need to) just stand up to Iran, don’t let them get away with blackmailing the world,” he added.

Iran’s central bank warned on Sunday that buying foreign currency at high prices could be risky after the rial fell to a record low on the open market, with one US dollar trading at 1.87 million rials.

“If expectations are adjusted, supply increases or the central bank makes targeted intervention, there is a possibility that prices will return and buyers at high rates will suffer losses,” the central bank said.

The rial also weakened to 2.23 million against the euro and 2.58 million against the British pound.

A northbound bulk carrier was attacked by multiple small craft 11 nautical miles west of Sirik, Iran, on Sunday, the United Kingdom Maritime Trade Operations said.

The ship’s master reported all crew were safe and no environmental impact had been reported, UKMTO said.

UKMTO advised vessels to transit with caution and report suspicious activity while authorities investigate.