It has been nearly five months since the US-Iran war began and despite announcements of ceasefire, involvement of Gulf partners and multiple negotiation attempts, there is no clarity on the future of the conflict. US President Donald Trump on Monday said that there is a “good chance” of breakthrough since talks are ongoing but issued yet another warning to Iran in case there is no conclusion.
Event Context
During the calls, “they stressed the need to strengthen cooperation and advance joint diplomatic efforts to establish stability in the region and eliminate the insecurity imposed on the Strait of Hormuz due to the aggressive actions of the United States,” an Iranian broadcaster reportedly said.
Israel has not taken part in the latest round of hostilities which flared earlier this month as an April ceasefire collapsed.
Match Outlook
“There is a good chance that something could happen. If it does, good, if it doesn’t, we could go back to what we were doing,” Trump said in a media interaction, referring to the US CENTCOM’s consecutive nights of attacks targeting Iran.
Ever since, several reports have emerged, claiming a difference of opinion between Trump and Netanyahu on a possible deal with Iran. The are expected to meet at the White House on Tuesday and the meeting is expected to be dominated by the war.
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Amid uncertainty over the war, traffic through the Strait of Hormuz is still low. Iran is discussing the waterway’s operations with its Gulf partners – Oman and Saudi Arabia, according to news agency AFP.
According to a Reuters report, Oman has put forth a proposal before Iran – a joint regional mechanism to manage the chokepoint. Iran tightened control over the Strait of Hormuz after the war began, triggering several vessel attacks, seafarer deaths and a spike in oil prices.
Also Read: US-Iran war latest: Trump, Netanyahu to meet as Iran rejects talks despite halt in bombing
Under the Omani proposal, which has regional backing, Iran would not exercise sole control of the vital waterway, the report added, quoting a source.
The US abruptly suspended its airstrike campaign against Iran over the weekend, raising hopes of a diplomatic solution. However, while Trump is hopeful of a deal, his renewed warning for Iran keeps concerns up. He said “good talks” with Iran are underway and there was a chance of a deal, but said that US strikes would resume if the negotiations failed to deliver.
“The only reason they want to meet is because we’ve been hitting them very hard,” Trump told reporters aboard Air Force One. Trump’s peace hopes haven’t done much for the US-Iran deal in the past. He has said on multiple occasions that talks were progressing and a deal was close, only for fighting to continue.
Despite ambiguity over the future, the halted US attacks have sparked a steep decline in oil prices.
Also Read: Oil extends decline as Trump’s US-Iran talks remark fuels hopes of end to West Asia conflict
Global benchmark Brent fell toward $87 a barrel after tumbling by 8.7% on Monday, the most in more than three months, while West Texas Intermediate was below $82, reports said. The prices further fell on Tuesday, hitting their lowest levels in more than a week.
Israeli Prime Minister Benjamin Netanyahu and Donald Trump are set to meet for the first time since the beginning of the war, reported AFP. Israel and the US had together launched a surprise attack on Tehran in February, a move that later snowballed into a full-blown war.
