Strait of Hormuz, Iran attacks, US continues blockade/ Iran-US talks stalled, diplomacy powerless
Diplomatic talks between Iran and the United States appear to have stalled, with Tehran rejecting the premise of talks until Washington lifts its naval blockade of its ports. The international community has urged all sides to de-escalate tensions and engage in diplomatic efforts to end the war.
But Iran fired on three ships in the Strait of Hormuz and seized two of them on Wednesday, intensifying its attacks on the strategic waterway. The attacks came less than a day after US President Donald Trump extended a fragile ceasefire while maintaining a US blockade of Iranian ports.
The standoff between the US and Iran has effectively blocked almost all exports through the strait - where 20% of the world's traded oil passes in peacetime - and does not appear to be ending anytime soon.
Since the US and Israel began the war on February 28 with a surprise attack on Iran, there have been more than 30 attacks on ships in the Middle East. Before that, the strait was completely open to all maritime traffic.
The conflict has sent gas prices soaring across the region and raised the costs of food and a wide range of other products. The price of Brent crude, the international benchmark, has reached over $100 a barrel, up nearly 40% from pre-war levels, but stock markets still seem to be ignoring this.
European Union Energy Commissioner Dan Jørgensen warned of the long-term impact on consumers and businesses, comparing it to other major energy crises over the past half-century. He said the disruption is costing Europe an estimated 500 million euros every day.
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