.jpg)
1 hour ago
3
Article content
(Bloomberg) — The US is touting progress toward a peace deal with Iran to end the nearly three-month war, even amid fresh hostilities and uncertainty over the vital Strait of Hormuz.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
Security in the crucial energy waterway remained unclear Tuesday after the two sides exchanged strikes overnight and US Central Command pushed back on reports that suggested the military was helping escort vessels.
Article content
Article content
Article content
The renewed clashes occurred just hours after US President Donald Trump said negotiations with Tehran to extend their ceasefire and reopen the strait are proceeding. Secretary of State Marco Rubio has cautioned that any deal would likely take a few days to finalize.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
Global benchmark Brent rose to trade around $100 a barrel after slumping more than 7% on Monday. Stocks rose toward a record as hopes for a peace deal overshadowed the military action.
Article content
One contentious issue under discussion is Iran’s $24 billion in frozen assets, with Tehran wanting half that amount released upon the signing of an agreement, the semi-official Tasnim news agency reported. That element is particularly controversial among Iran hawks in the US, who are concerned about conceding too much to the Islamic Republic.
Article content
The US military said it conducted self-defense strikes in southern Iran on Monday night, targeting missile-launch sites and boats attempting to lay mines, while the Islamic Revolutionary Guard Corps said it fired at an F-35 fighter jet and several drones after they entered Iranian airspace.
Article content
Article content
Iran’s Foreign Ministry condemned the US attacks as a violation of a ceasefire that’s been in place since early April, while Supreme Leader Mojtaba Khamenei published a statement warning that the “nations and lands of the region will no longer be a shield for American bases.”
Article content
Rubio said Trump would either agree to a good deal or make no agreement at all. The president is under pressure from the likes of Republican Senator Lindsey Graham, who wants a blockade of Iranian ports to remain in place and more strikes to further weaken the Iranian military.
Article content
Trump has to balance those pressures with the increasing unpopularity among Americans of the war, which began with a US-Israeli bombardment of Iran in late February. The conflict and Iran’s effective closure of Hormuz have caused energy prices, including gasoline, to soar and are pushing up inflation globally.
Article content
Arab states including Saudi Arabia, the United Arab Emirates and Qatar have urged Trump to continue with diplomacy. They fear a return to hostilities would cause Iran to fire drones and missiles on their countries, as it did before the April truce, causing tens of billions of dollars of damage and killing scores of people.
English (US)