US-Iran deadlock over Hormuz blockade pushes oil above $100
Updated
Updated · The Wall Street Journal · Apr 30
US-Iran deadlock over Hormuz blockade pushes oil above $100
13 articles · Updated · The Wall Street Journal · Apr 30
The standoff persisted after an 7 April ceasefire and collapsed peace talks, with President Donald Trump keeping warships blockading Iranian ports until a broader deal is reached.
Iran had offered to reopen the strait only through an Iranian-inspected route, while retaliatory ship attacks and seizures deepened the impasse and raised risks of wider conflict and economic slowdown.
Hormuz carries about 20% of global crude and is just 24 miles wide at its narrowest; Saudi Arabia and the UAE can reroute some exports, but other Gulf states face revenue losses.
As the world faces its largest oil shock, will China's quiet support for Iran trigger a wider economic conflict?
With Iran's leader gone and its economy crippled, what new power balance will emerge in the Middle East?
Is the U.S. military's advanced technology being defeated by Iran's use of a centuries-old naval mining tactic?