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Hopes for the resumption of dialogue aimed at ending the conflict in the Middle East have brought temporary relief to global oil markets, with prices falling below $100 a barrel.
Although weekend talks in Islamabad between the rival sides ended inconclusively, a US official said diplomatic contacts were continuing and that some progress had been made towards an agreement. Pakistani Prime Minister Shehbaz Sharif also confirmed that efforts to resolve the conflict were still underway.
On the other hand, US President Donald Trump stated that Iran has reached out expressing willingness for a deal, but stressed that the US will not accept any agreement that allows Tehran to develop nuclear weapons.
Since the start of the conflict on February 28 between the US and Israel on one side and Iran on the other, Tehran has restricted passage through the Strait of Hormuz, allowing only its own ships or those that accept the conditions and tariffs set by it.
This situation has a direct impact on global markets, as before the conflict, around 20% of the world's oil and gas supply passed through this strategic sea route.
Washington has warned of measures against Iranian ships and those cooperating with Tehran, and has stated that any Iranian naval vessel approaching the blockade will be neutralized. On the other hand, Iran has threatened retaliation against naval forces and targets in the Gulf region.
According to maritime tracking data, the Chinese tanker Rich Starry passed through the Strait on Tuesday, becoming the first ship to do so since the US blockade was imposed a day earlier. The ship had previously changed course before approaching the area.
The US blockade has added uncertainty to global energy supplies and supply chains, while there does not appear to be widespread international support.
NATO allies, such as Britain and France, have made it clear that they will not be involved in this blockade, emphasizing the need for the reopening of the sea route.
Despite the failure of the last round of talks, US Vice President JD Vance stated that there had been "significant progress" and that the US had clearly clarified red lines and spaces for compromise.
According to him, Washington's basic position remains the complete removal of enriched nuclear materials from Iran and the creation of a credible verification mechanism that guarantees that the country is not developing nuclear weapons.
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