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Tensions in the Middle East remain high as the United States and Iran navigate a stalemate following months of conflict. While oil prices saw a slight decline in early Asian trading on Monday, they remain at elevated levels as markets monitor the stability of the Strait of Hormuz and potential shifts in Saudi Arabian supply exports.
US envoy to the United Nations Mike Waltz stated that President Donald Trump remains committed to preventing Iran from acquiring nuclear weapons while maintaining an openness to negotiations. Waltz noted that the United States would continue its maximum pressure campaign but would welcome good-faith engagement from Tehran. Meanwhile, President Trump indicated he would likely be open to meeting Iranian President Masoud Pezeshkian during the United Nations General Assembly in New York this week.
Qatar is actively mediating between the two nations to restart talks. Qatari Foreign Ministry spokesperson Majed Al Ansari confirmed that his government is exchanging ideas with both Washington and Tehran to bridge gaps and restore stability. Al Ansari emphasized that the primary objectives of these efforts are to reopen the Strait of Hormuz and end the ongoing conflict.
Shipping data indicates that traffic through the Strait of Hormuz has decreased significantly, with only a dozen commodity vessels transiting the waterway over the weekend compared to 35 the previous weekend. Iranian officials have reportedly communicated conditions for ending the blockade of the strait through mediators, even as military leaders in Tehran warn that any new US strikes would result in retaliation against American interests in the region.
The conflict, which began in late February following US-Israeli strikes, has had a significant impact on the Iranian economy. The Statistical Center of Iran reported that the nation’s gross domestic product contracted by 10.1 percent during the first quarter of the Persian calendar. Additionally, the United States has expressed concern regarding the potential for rapid escalation in fighting between Saudi Arabia and the Iran-backed Houthis following a recent missile attack on Riyadh.
Article source: gulfnews.com | Image credit: gulfnews.com
