Oil Prices Reflect Economic Struggle Between US and Iran
The standoff between the US and Iran continues to affect oil prices, as both sides impose economic pressure on each other. The Wall Street Journal reports that Trump's blockade of Iranian ports has kept the economic pressure on Iran, with President Trump stating that the regime is in a 'very bad shape' economically.
Iranian Foreign Minister Abbas Araghchi has said that an agreement with Oman on the Strait of Hormuz is in its final stages, but will not be enough for Iran to let traffic resume. He requires reparations from the US for damage from the war and an end to sanctions.
The US has fired on a Panama-flagged ship attempting to break the American blockade of Iranian ports, with no immediate reports of casualties. The US military has redirected 55 commercial ships, disabled two, and boarded two in the past week alone, as part of its efforts to enforce the blockade.