A few days ago, US President Donald Trump claimed that the ongoing war with Iran is likely to end very soon as peace talks appeared to seal the deal between the two countries. This announcement gave a big sigh of relief because the three month long war has impacted fuel and natural gas prices across the world.
Unfortunately, the situation seems to have taken a drastic turn as both sides have reportedly violated the ceasefire agreement in the name of self defence strikes.
As per latest reports, the conflict in West Asia has escalated in the last couple of days following a series of military exchanges between the United States and Iran. In response to consecutive nights of heavy U.S. airstrikes, Tehran has announced the complete closure of the strategic Strait of Hormuz, threatening severe disruptions to global energy supplies.
Meanwhile, US military claimed that commercial shipping continues to move through the waterway despite Tehran’s declarations. But, Iran’s Revolutionary Guards Navy announced that they have struck two violating ships attempting to bypass the blockade.
The sudden blockade of the Strait of Hormuz has sent shockwaves through global markets again. The crisis is likely to impact the fuel prices again.
