War Update: Tensions in the middle east has been escalating rapidly with new developments everyday. Donald trump has recently set a deadline for Iran to stop the war and release the Strait of Hormuz as the entire chain of nations is impacted by this and the economy is also fluctuating unpredictably. Now with the rising tensions between Iran and Israel, US has announced a targetted blockage to impact Iran linked vessels in the Strait of Hormuz.
Israel-Iran War Update
US officials clariied that this step is not a permanent shutdown of the waterway, but rather a strategic move to restrict Iran’s maritime trade while the trade of global shipping continues. This step is now going forward as a result of diplomatic talks triggering the situation by not agreeing for the talks and negotiations.
Iran has condemned the move and warned to take strict action. This raised fears of possible naval conflict in that particular region. On the other hand, global markets are showing the signs of hike in oil prices due to the supply concerns.
Strait Of Hormuz is the crucial maritime chokepoints for global trade of various resources like oils. Iran has stopped the passage through Strait Of Hormuz with the attack by US effective on 28th of February. Trump has repeatedly demanded the resume of the passage at Strait Of Hormuz in various interactions but the tensions just kept raising.
