Trump issues 48-hour ultimatum to Iran over Strait of Hormuz
President Trump demanded Iran fully reopen the Strait of Hormuz within 48 hours or face U.S. strikes on Iranian power plants.
Why it matters
The Strait is vital for global oil flows-its closure threatens higher gas prices and global instability.
The big picture
This sets the tone for U.S. involvement in the Middle East heading into the week.