After talks between the United States and Iran failed to produce an agreement, US President Donald Trump announced that the US Navy will enforce a blockade of the Strait of Hormuz. The delegations had met for a reported 21 hours in Islamabad, Pakistan, but failed to reach an agreement to bring about an end to the war which was launched by the US and Israel against Iran on February 28.
Iranian speaker of parliament MB Ghalibaf had cited the failure of the US delegation “to gain the trust of the Iranian delegation in this round of negotiations” as the primary reason behind the inability to concretize an agreement. Meanwhile, US Vice President JD Vance, who led the US delegation, stated in a press conference: “The simple fact is that we need to see an affirmative commitment that they will not seek a nuclear weapon, and they will not seek the tools that would enable them to quickly achieve a nuclear weapon.”
Iran’s nuclear program has been at the center of US aggression against Iran for over a decade. It had previously been regulated through the Joint Comprehensive Plan of Action (JCPOA), negotiated by the administration of Barack Obama, which also provided the Islamic Republic with sanctions relief. However, in 2018, the US, under Donald Trump’s first administration, unilaterally withdrew from the agreement, reimposed sanctions on Iran, and accused it of secretly pursuing a nuclear weapon. While Iran has repeatedly insisted that it is not interested in developing a nuclear weapon, it has defended its right to enrich uranium.
Read more: Iran reiterates it will not pursue nuclear weapons despite the expiration of nuclear deal
Another key sticking point in the talks seems to be Iran’s moves to assert control over the Strait of Hormuz. Since the US and Israel launched attacks on Iran, the country implemented a partial blockade of the Strait, disrupting global energy supplies. It also recently announced that it will be charging a toll for safe passage through the channel.
As Yahya Dbouk of Al Akhbar wrote in the first two weeks of the war, “The Strait of Hormuz is one of the world’s most critical geopolitical chokepoints. Nearly one-fifth of global oil trade, which is about 21 million barrels per day, goes through the narrow passage linking the Persian Gulf to international markets. This reality gives Iran a powerful economic pressure tool against adversaries that possess overwhelming military and technological superiority. By disrupting shipping through the strait, Tehran can directly influence oil prices and dramatically increase the economic costs of war for its opponents and the global economy alike.”
Despite attempts by the Trump administration to mitigate the impact of Iran’s strategic maneuver, the impacts were felt globally. While the price of crude oil on February 26, two days before the US and Israel launched attacks on Iran, was USD 65, just two weeks into the war, with Iran’s blockade of the strait, the price had shot up to around USD 100 and continued to rise. Countries in South and Southeast Asia were forced to ration fuel and declare states of emergency to deal with shortages, Europe’s market has shown significant distress, and in the US, despite claims by Trump that it would be somehow insulated from the global energy shock, historic price rises have been registered at the pump.
Read more: South Asia faces severe economic crisis due to US-Israeli war on Iran
The “unexpected” economic fallout from the US-Israeli war, along with the inability to force regime change on Iran, despite carrying out high-profile assassinations, and the Iranian people’s resolute resistance, has angered the US, which had sought an easy victory.
Iran’s firmness in the talks this weekend and refusal to cave to Trump’s demands seemed to once again provoke the president’s incendiary language against the Islamic Republic. In his post on Truth Social declaring the blockade, Trump once again escalated his threats: “Any Iranian who fires at us, or at peaceful vessels, will be BLOWN TO HELL! Iran knows, better than anyone, how to END this situation which has already devastated their Country. Their Navy is gone, their Air Force is gone, their Anti Aircraft and Radar are useless, Khamenei, and most of their “Leaders,” are dead, all because of their Nuclear ambition. The Blockade will begin shortly. Other Countries will be involved with this Blockade. Iran will not be allowed to profit off this Illegal Act of EXTORTION. They want money and, more importantly, they want Nuclear. Additionally and, at an appropriate moment, we are fully “LOCKED AND LOADED,” and our Military will finish up the little that is left of Iran!”
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