The Globe and Mail reports in its Monday edition that Iran closed the Strait of Hormuz again over the weekend after a brief opening. The Globe's Emma Graney writes that hundreds of ships have been stuck in the Gulf since the United States and Israel attacked Iran on Feb. 28.
Iran also rejected new peace talks with the United States, its state news agency reported Sunday, hours after U.S. President Donald Trump had said he was sending envoys to Pakistan for talks and would strike Iran unless it accepted his terms.
Iran reversed its decision on Saturday after Mr. Trump declined to lift a U.S. blockade of Iranian ports. The U.S. attacked and seized an Iranian-flagged cargo ship near the strait that tried to pass its naval blockade, Mr. Trump said in a social-media post Sunday. The move escalated the back-and-forth with Iran over traffic in the strait, amid an unconvincing ceasefire agreement.
The conflict in Iran has curtailed roughly 12.4 million barrels a day of oil production across Saudi Arabia, Iraq, Iran, the UAE, Kuwait, Qatar and Bahrain. Countries that rely on Middle Eastern fossil fuels, mainly in the Asia-Pacific, are now in crisis and looking for stable supplies to help increase their energy independence.
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