In a latest development surrounding the Iran war, the United States Central Command has announced it will enforce a maritime blockade on all vessels entering or exiting Iranian ports, in what can be seen as a latest escalation in the region. This also follows weeks of standoff over the Strait of Hormuz that continues to rattle global energy markets.
Earlier in the month, the US and Iran had agreed to a temporary ceasefire agreement which included Iran opening up the Strait of Hormuz for a period of two weeks. While Iran had allowed limited commercial traffic through the important straight, the nation imposed steep tolls - a practice Tehran had sought to add even on the condition of any peace deal.
There was a last-ditch attempt by US Vice President J.D. Vance to break the deadlock, who led the US delegation through more than 21 hours of negotiations in Islamabad, Pakistan, said talks collapsed over Iran's refusal to commit to abandoning its nuclear ambitions.
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Followed the failed attempts to reach an agreement, the US Central Command announced the blockade, with the organisation saying it will not impede vessels transiting the straight to and from non-Iranian ports. This is done in order to limit the blockade to ships entering or departing coastal areas on the Arabian Gulf and Gulf of Oman.
This doesn't bode well for the global oil markets, with Brent Crude gaining 6% to breach past the $100 per barrel mark once again while the West Texas Intermediate has surged as much as 7.94%.
These prices are likely to climb further, experts warn, as the ongoing tensions surrounding the Middle East show no signs of de-escalating.
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