Peace Talks Gain Momentum in Middle East Crises
US President Donald Trump has announced that he will extend his pause on strikes against Iran's energy infrastructure until 6 April, citing 'very well' talks with Tehran. This move comes after Trump threatened to attack Iranian energy sites if Tehran did not reopen the strait of Hormuz last Saturday. The strait of Hormuz is a critical shipping route that connects the Persian Gulf to the Gulf of Oman.
Trump's decision to extend the deadline has been met with a positive response from the market, with the price of Brent crude dropping following the announcement. The US President's earlier threats had sent oil prices soaring, with Brent crude trading at around $108 a barrel earlier in the week.
Meanwhile, Yemen's Houthis have reassured the world that there is no need to worry about the Red Sea shipping route being targeted by Iran. The Houthi rebels said that they see 'no reason' to prevent Saudi oil from using the Red Sea route, as reported by Lloyd's List. This development is a major breakthrough in the ongoing Middle East crisis, where tensions have been running high between the US, Iran, and Saudi Arabia.
The US President's peace plan, which aims to end the nearly four weeks of fighting between the US and Iran, has been met with skepticism by Iran. However, Trump remains optimistic about the chances of a successful outcome, saying that he is 'the opposite of desperate' and does not care about making a deal. Trump has also claimed that Iran is allowing some oil tankers to pass through the strait of Hormuz as a sign of good faith for talks.
The Pentagon is reportedly considering sending up to 10,000 additional ground troops to the Middle East to give Trump more military options, even as he weighs peace talks with Tehran. However, the Israel Defence Forces' chief of staff has warned that the military will 'collapse in on itself' as it faces increasing demands and a growing manpower shortage while fighting on multiple fronts.
In a separate development, a Thai-flagged cargo ship that was hit by unknown projectiles in the strait of Hormuz earlier this month has run aground off Iran's Qeshm Island.