Trump’s threat met with dire warning: ‘Price of oil will remain high for a long time’

President Donald Trump’s demand Saturday that Iran “fully open” the Strait of Hormuz by Monday night was rebuffed Sunday morning by Iranian Parliament Speaker Mohammad-Bagher Ghalibaf, who not only appeared to dismiss Trump’s open threat, but issued one of his own.

Following the United States’ surprise attack on Iran last month, the Middle East nation has denied U.S.-aligned ships access to the Strait of Hormuz, a crucial shipping route through which a fifth of the world’s oil trade flows...