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Global tension has increased further after the failure of talks between America and Iran. US President Donald Trump has announced that the US Navy will begin a blockade of ships entering or leaving the Strait of Hormuz. This decision was taken after the failure of ceasefire talks in Islamabad, Pakistan.

According to the US Central Command (CENTCOM), the blockade will go into effect at 10 am (EDT) on Monday, which is around 5:30 pm Iran time. CENTCOM has stated that this action will be applied impartially to ships of all countries, although ships traveling between non-Iranian ports will be allowed to pass through the Strait of Hormuz.

Before this, there were face-to-face talks between America and Iran for 21 hours, but no concrete result could be achieved. A two-week-long temporary ceasefire is now in limbo, while the conflict, now in its seventh week, has claimed thousands of lives and roiled global markets.

Donald Trump gave a strong statement regarding Iran’s stance in the talks. “I don’t care whether they come back or not, Iran will not have a nuclear weapon,” he said. Trump also alleges that Iran is still striving towards acquiring nuclear weapons.

According to energy experts, this blockade will have a direct impact on global oil supply. Energy Policy Research Foundation expert Michael Lynch estimates that this move could increase oil prices by 5 to 10 dollars per barrel. According to him, this blockade could affect the supply of about 2 million barrels of oil per day, while the current conflict involving Iran has already affected the supply of about 10 million barrels per day.

Brent crude, the international oil price standard, was around $70 per barrel in February before the war, which later rose to $119. However, after the announcement of ‘ceasefire’ on Friday, it closed at $ 95.20 per barrel with a fall of 0.8%. And currently after the failure of Islamabad talks its price has again crossed $100.

Experts believe that if the blockade continues for a long time, volatility in global markets may increase further. However, Michael Lynch also says that due to the pressure of rising prices, America may withdraw this decision soon.

Overall, this decision to impose a blockade on the Strait of Hormuz will not only further escalate tensions in West Asia, but is also likely to have a deep impact on the global economy and energy markets.

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