Trump hints at extending naval blockade, global oil market jitters

The latest diplomatic efforts to ease tensions between Iran and the US have collapsed after President Donald Trump refused to accept Iran’s plan to ease its grip on the Strait of Hormuz in exchange for lifting the naval blockade.

Trump made it clear in a media interview that he is not in favor of lifting the blockade because he wants to prevent Tehran from acquiring nuclear weapons at all costs.

Interestingly, while Trump is talking about extending the blockade for another few months, the Washington Post reports that the US aircraft carrier USS Gerald R. Ford is expected to be recalled from the Middle East, which is being relieved after a ten-month deployment.

President Trump has also spoken to Russian President Vladimir Putin on the issue.

According to Trump, Putin offered to help Iran return its enriched uranium stockpile and support the enrichment process, but

Trump emphasized Putin’s role in ending the Ukraine war. During a dinner in Washington, Trump claimed in a conversation with British King Charles III that Iran has been militarily defeated and will never be allowed to become a nuclear power.

The impasse in the talks has once again thrown the global energy market into turmoil.

Brent crude prices have reached $117 a barrel, raising fears of rising global inflation. Iran has threatened to take “extraordinary military action” if the blockade of its ships continues.

Tehran says its nuclear ambitions are peaceful, but the war launched by the United States and Israel two months ago has destabilized the region, affecting the global economy.