Ed Miliband meets Iran’s foreign minister as Tehran gives US ultimatum on strait of Hormuz

Ed Miliband, the UK foreign secretary, has met with Iran's foreign minister, Abbas Araghchi, in New York. This meeting comes as Iran has given the US an ultimatum to respond to its conditions for reopening the Strait of Hormuz within four to five days. The Strait of Hormuz is a crucial waterway for global oil trade, and any disruption to it could have significant economic implications for markets. If the US fails to meet Iran's conditions, it could lead to increased tensions and potential disruptions to oil supplies.

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Iran's ultimatum to the US raises tensions in the region, potentially disrupting oil supplies. This could lead to increased volatility in global markets, affecting investor sentiment and asset prices.

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