Iran’s “respect” for US key to sustaining peace and resolving war, says Trump

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Washington, DC: US President Donald Trump emphasised that “respect” from Tehran will be the deciding factor in maintaining peace following the conclusion of the Iran-Israel war. He also voiced optimism. Trump stated that the full reopening of the Strait of Hormuz will trigger “an oil gusher”.

“As long as they respect us, I don’t want to use the word fear because that’s an inappropriate word,” Trump told reporters at his Oval Office on Monday. Additionally, Trump said, “But as long as they respect us, we’re not going to have any trouble.”

The vital shipping lane was effectively shut down by Iran following joint US-Israel strikes on 28 February. This development caused fuel prices to surge well beyond the immediate region.
Although an interim agreement was reached to halt hostilities and reopen the passage, the primary route remains blocked by mines. However, dozens of vessels successfully transited the area over the weekend.

Mohammad Bagher Ghalibaf, the Iranian parliamentary speaker and lead negotiator, insisted on Monday that the Strait of Hormuz will be managed by Iran. He explained that it will be managed in accordance with international laws.

“Hopefully, we can activate the strait again, in terms of passage,” he told Iranian state media on the plane on his way back from Switzerland. Moreover, he added, "and bring prosperity back to the regional and global economy.”

Ghalibaf and Foreign Minister Abbas Araghchi touched down in Oman on Monday night. There, they held discussions with Omani Foreign Minister Badr al Busaidi regarding peace efforts. They also discussed the security of navigation through the strait.

As part of the interim deal, the US Treasury issued a 60-day license on Monday. This license waives sanctions on Iranian oil.

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Significantly, the license allows Iranian oil to be imported into the US. The US has not imported significant amounts of Iranian oil since the 1990s.

Tanker activity has gradually increased in the strait. Data from analytics firm Kpler recorded 71 confirmed transits over the weekend. The traffic peaked at 35 crossings on Saturday, compared to the pre-war daily average of 100 to 130 vessels.

To circumvent the mined central channel, ships are opting for the narrower northern route through Iranian waters. Others are choosing the southern path through Omani waters.

Market reactions were reflected in commodity prices. Brent crude fell 3.2 per cent to USD 77.52 per barrel and edged closer to pre-war levels. Pre-war levels are approximately USD 70.

Simultaneously, benchmark US crude oil dropped 2.6 per cent to USD 73.86 per barrel.

(ANI)

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