Thousands of seafarers are stranded in the Persian Gulf, according to the International Maritime Organization, as Iran has effectively blocked the exit through the Strait of Hormuz.
U.S. and Iranian officials say they are closing in on the terms of a preliminary agreement. Yet sticking points, particularly over the Strait of Hormuz, remain.
President Trump’s shifts reflect a political tug of war between hawkish supporters urging him to hit Iran harder and noninterventionists urging him to make a quick deal.
The American blockade and Iran’s control of the Strait of Hormuz have created a stalemate that is neither peace nor raging conflict, with both sides attempting economic strangulation on the water.
With talks at an impasse, both sides are holding to positions their opponents call unacceptable, while the economic pain caused by the Strait of Hormuz blockade continues to grow.
As the government has been devising plans to keep the dollar dominant, China has been making its own moves to increase global influence of the renminbi.
China’s top diplomat also warned against the restarting of hostilities as he met with Iran’s foreign minister. The U.S. has urged China to pressure Iran to reopen the waterway.
With President Trump’s visit to Beijing looming, China is pushing Iran to negotiate even as its companies export material that could be used by Iran’s military.
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