New Delhi: Extreme tension in the Middle East again. Within hours of the attack on an oil tanker in the Strait of Hormuz, the US launched a new military operation against Iran. As a result, the recently signed interim peace agreement between the two countries is on the verge of collapse. However, according to news agency Reuters, Iran and the US have agreed to end the recent conflict and resume talks on their dispute over the Strait of Hormuz.
It is hoped that the interim peace agreement could be saved in this meeting. A US official told Reuters news agency, “Technical discussions will continue on all aspects of the memorandum of understanding. Both sides will suspend negotiations for the time being and ships will be able to move freely.”
A return to diplomacy could be possible after days of attacks and counterattacks since an Iranian missile struck a cargo ship in the Strait of Hormuz on Thursday. Meanwhile, both the US and Iran have accused each other of violating the interim ceasefire signed on June 17.
Iran launched missile and drone attacks on US military installations in Kuwait and Bahrain early Sunday morning. Shortly before this, President Donald Trump threatened that the Islamic Republic would cease to exist if the cease-fire agreement was not respected.
The US Central Command (CENTCOM) said the retaliation came after an Iranian drone strike damaged a Panama-flagged oil tanker. US forces target Iranian surveillance centers, communications systems, drone bases and military infrastructure.
Why is the Strait of Hormuz important?
The Strait of Hormuz is one of the world’s most important energy corridors. About 20 percent of the world’s oil and natural gas is transported through these waterways. As a result, an escalation of conflict in the region could have a direct impact on international oil prices and the global economy.
Concerns around the world
The renewed US-Iran conflict has raised concerns in international markets. Although both countries later signaled a return to diplomatic talks and the possibility of a new meeting in Qatar, the situation remains highly tense.
According to experts, a further escalation of the conflict over the Strait of Hormuz could cause a major shock to global trade along with rising oil prices. The threat of a new full-scale war in the Middle East cannot be ruled out.
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