Is peace near? US and Iran reportedly 'close to some sort of arrangement'
Image: CBS NewsAfter months of military friction and blockades in the Persian Gulf, Pakistan’s Defense Minister Khawaja Asif said signals point to the United States and Iran being “close to some sort of arrangement.”
Signs of détente
The announcement comes amid maximum tension: US CENTCOM reported intercepting and striking a vessel trying to run the blockade near the Gulf of Oman, while energy markets closely watch the reopening of the Strait of Hormuz, one of the world’s most important maritime chokepoints.
What is at stake
A potential deal between Washington and Tehran would reshape the Middle East map and have an immediate effect on oil prices, which accumulated gains of more than 20% in July on supply disruption fears.
Why it matters
The Persian Gulf concentrates a huge share of the world’s crude. Any arrangement reduces the risk of open conflict and a global energy crisis, while failed talks would keep uncertainty over markets and supply chains.
The key figure
Hormuz. The strait through which about a fifth of the world’s oil passes, and whose reopening is the key to any deal.
