US and Iran Return to Talks Amid Ongoing War in Strait of Hormuz
The US and Iran have returned to mediated talks after halting their military actions. The impact of the ongoing war is still being felt on international waterways, particularly in the Strait of Hormuz, where a naval blockade has been imposed by the US.
Iran's oil exports have generated $11.5 billion since the start of the conflict, with $6.5 billion worth of sales made during a suspended Memorandum of Understanding (MOU) signed last month. The country is facing difficulties due to high social and economic dissatisfaction, including potential fuel price increases.
The US military's Central Command (CENTCOM) has reported that 12 commercial vessels have been turned back by the blockade, with two vessels disabled and soldiers boarding another vessel to ensure compliance.
The conflict has also affected trade with China, Iran's largest trading partner and oil buyer, which has significantly reduced its crude oil imports. Non-oil trade with China has declined by 75 percent in March and June compared to a year earlier.