Iran-US talks ‘in final stages’ — yet threats and counter-threats continue, concerns over global economy

❐ International Desk

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The war has stopped, but peace has not come. Since the ceasefire between the US, Israel and Iran took effect on April 8, the two sides have been negotiating a formal peace agreement, with Pakistan mediating.

US President Donald Trump told reporters on Wednesday that talks are now in the “final stages.” But at the same time, threats and counter-threats from both sides against each other have not stopped — as a result, diplomacy and tension go hand in hand.

Trump said, “Either there will be a deal, or we will do something that will be a little tougher. Hopefully that won’t be necessary.”

He added, “I’m not in a hurry. Ideally, fewer people should be killed instead of more people — that’s what I want.”

Iranian Foreign Ministry spokesman Esmail Baghaei responded by saying that Iran had received the US proposal and was currently examining it.

However, Tehran has also reiterated its demands — the release of Iranian assets stashed abroad and the lifting of the US blockade on Iranian ports.

Iran’s chief negotiator, Mohammad Bagher Ghalibaf, has accused the United States of trying to start a new war in the Middle East, warning of a “strong response.”

In the same vein, Iran’s Islamic Revolutionary Guard Corps (IRGC) said that if there is a new aggression, the war will not be limited to the Middle East — “Our devastating blow will crush you.”

Despite these counter-threats, both sides have not abandoned diplomatic contacts. Pakistani Interior Minister Mohsin Naqvi is visiting Tehran for the second time in less than a week — a testament to the continuity of the talks.

The importance of the Strait of Hormuz

One-fifth of the world’s oil and liquefied natural gas, and nearly one-third of global fertilizer supplies, pass through the strait. The strait’s failure to reopen after a ceasefire has had a profound impact on global markets.

The biggest concern now is the closure of the Strait of Hormuz. The ceasefire has taken effect, but this vital waterway has not yet reopened normally.

The IRGC Navy said it had allowed 26 ships — including oil tankers — to pass through the strait in the past 24 hours after “coordination and security assurances.”

On the other hand, the US Central Command (Centcom) said that US Marines boarded and searched an Iranian-flagged oil tanker in the Gulf of Oman and forced the ship to change course, preventing an attempt to break the blockade.

So far, the United States has forced a total of 91 commercial ships to comply with the blockade.

The economic fallout from the closure of the strait is already being felt around the world. Oil prices fell more than 5 percent in one day on Wednesday — on hopes of a deal. But in reality, ordinary Americans are feeling the pressure of rising energy prices themselves, as fuel supplies are limited, which is also increasing domestic pressure on Trump.

The most pressing concern is over food security. The UN Food and Agriculture Organization warned on Wednesday that a closure of the Strait of Hormuz would lead to a “terrible global food price crisis” and a “systemic agri-food shock,” as about a third of the world’s total fertilizer supply passes through the route and pre-war oil reserves are also rapidly depleting.

The international community is in favor of the deal. Saudi Foreign Minister Prince Faisal bin Farhan praised Trump for choosing a diplomatic path and urged Iran to seize the opportunity to avoid the “dangerous consequences of escalating tensions.”

However, the Israeli army chief said his army is on high alert and ready for any situation. The thread of diplomacy has not yet been broken — but with each passing day, the pressure on the global economy increases and the need for a permanent agreement becomes more urgent.