U.S. Vice President JD Vance said Washington will not negotiate with Iran until Tehran stops attacking commercial ships in the Strait of Hormuz. The warning comes as Iran shifts from harassing shipping to striking land targets in Kuwait, while crude prices climb toward July's high.
U.S. Vice President JD Vance told reporters on Thursday that the United States does not plan to hold talks with Iran unless Tehran stops attacking commercial shipping in the Strait of Hormuz. According to Reuters: "They've got to stop. It's that simple."
The line hardens a standoff that has already pushed oil prices higher. Iran is driving up the price of crude by disrupting shipping traffic through the Strait of Hormuz, while the United States works to extract economic costs from Tehran, and neither side has broken the deadlock. Regional populations and global crude buyers are caught in the middle, and there doesn't appear to be any hope of a near-term breakthrough.
One idea floated this week was for Trump to declare victory and leave other parties to navigate the Strait or negotiate with Iran directly. Iran, however, has struggled to slow shipping through the waterway and has instead turned to attacking land-based targets in Kuwait.
Crude prices have risen more than $10 in the past week, nearing the July high of $93.50 — a level seen as a short-term pivot point.
Sources: Investinglive, Investing.com
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