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The Gulf waterway, which has been effectively blocked by Iran since the start of the US-Israeli war, is a major transit point for about 20 percent of global shipments of oil and liquefied natural gas.
The biggest ever rift has fueled inflation and slowed the global economy, with an impact expected to last for months even if negotiators manage to reopen the strait.
Here's what the US and Iran want:
Tehran is seeking control of the Strait of Hormuz. It also seeks to collect transit fees from ships seeking to transit through the waterways.
Trump's stated goals have changed over the course of the war, but the US has said it wants free passage for global shipping through the strait.
Earlier this week, Trump caused widespread alarm and anger after saying that "an entire civilization will die" in Iran if his government refuses to allow ships to pass freely through Hormuz.
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