Who is lying that Iran is devastated and exhausted? Nothing is further from the truth, according to Iran’s Speaker. Iran is ready to resume fighting. It is only giving diplomacy a chance.
Iranian speaker of Parliament, Mohammad Ghalibaf, says Iran has halted its military strikes to give diplomacy a chance. He was trying to negate the narrative that US President Donald Trump is trying to tell the world: that Iran has been subdued.
This week, the US President said that the blockade of the Strait of Hormuz has succeeded in rendering Iranian ports non-functional. Hence, Iran should “give up”.
Blockade has caused a Historic Hike in Oil Prices.
US interference in sea travel, coupled with the direct blockade of the Strait of Hormuz, has caused oil prices to escalate. At a global level, the price of a barrel is now over $120. And in the US, the price of gas for the last seven days has been over $4 per liter.
The conflicting messages and actions coming from the leadership of the US and Iran are not helping the situation. Recently, the US failed to send its representative to Pakistan to take part in the peace talks that the US President had hyped up.
On Thursday, amid anxiety following the contradictory Iran-US public talk, global prices rose to the highest in the last four years: over $126 per barrel. Although it later dropped to around $116, the market is still volatile.
The Problem Goes Beyond Hormuz
Although President Donald Trump is talking as if the Strait of Hormuz blockade is the only problem, economic problems are rife all over the Gulf region. The US-Israeli invasion of Iran has destroyed infrastructure in Iran, Lebanon, Dubai, Bahrain, the UAE, and other Gulf states.
In addition, countries not involved in the war continue to suffer economically due to the US’ interference with normal shipping away from the Hormuz. And with China having issued a threat to seize assets of any obstructing force, tension is inevitable.
As far as trade is concerned, uncertainty and tension only serve to raise commodity prices, including oil.
Meanwhile, the situation is complicated further by Trump’s insistence that he must have a nuclear deal with Iran. Yet, after the back and forth with the US in the ongoing war, Iran, very likely, now thinks like North Korea.
It probably holds the premise that having nuclear capability makes the US respect you more. So, why not escalate the program rather than give it up?
Incidentally, it is not clear what kind of deal Trump expects, since there was already a nuclear deal in place when he came into office for a second term.
For now, Israel continues the mission that made it draw the support of Donald Trump in the first place: to strike Lebanon and, if possible, grab a section of it.