US, Iran Struggle to Extend 8 April Ceasefire as Hormuz Closure Cuts 20% of Oil and Gas
Updated
Updated · BBC.com · Jun 1
US, Iran Struggle to Extend 8 April Ceasefire as Hormuz Closure Cuts 20% of Oil and Gas
10 articles · Updated · BBC.com · Jun 1
Pakistan- and Qatar-mediated talks have yet to secure even a memorandum of understanding to prolong the 8 April ceasefire, leaving US-Iran military exchanges simmering around the Gulf.
Iran is demanding a price to reopen the Strait of Hormuz—potentially sanctions relief or unfrozen assets—while only a trickle of ships passes through the waterway it shut after the 28 February US-Israeli attacks.
About 20% of normal global oil and gas supply remains disrupted despite Saudi and UAE pipeline workarounds, keeping pressure on Trump to avoid a renewed war that could further lift US gasoline prices.
Trump faces resistance at home because concessions to Tehran are opposed by Republican hawks and risk comparisons with the 2015 Obama-era nuclear deal he abandoned.
The impasse underscores how Washington and Israel misjudged Iran's willingness to absorb strikes, turning what they expected to be a quick campaign into a prolonged conflict with global economic fallout.
With global oil reserves plummeting, is the world economy prepared for a prolonged Strait of Hormuz closure?
Beyond a fragile ceasefire, can Middle Eastern powers build a new security order without the US?
After misjudging Iran's resilience, how is the US rethinking its entire approach to modern warfare?