According to a cable from the State Department, the U.S. is pushing other countries to create an international coalition in order to restore freedom of movement in Strait of Hormuz. This comes as oil prices have risen to their highest level in over four years due to fears of long-term disruptions in global fuel supply.

The vital sea channel is still closed two months after the U.S. and Israeli strikes on Iran. This has stifled 20% of world oil and gas supplies. This has caused global energy prices to'spiral' and raised concerns about an economic recession.

The United States has been trying to break the impasse by blocking Iran's oil exports. This is the lifeline of the Iranian economy.

Axios reported late Wednesday that the talks have stalled and President Donald Trump will receive a briefing Thursday about plans for a new series of military strikes against Iran, in hopes that it will return back to negotiations.

The benchmark Brent crude contract topped $125 per barrel at one time, largely due to technical factors related the expiration of the contract on Thursday.

Brent prices are up more than two-fold since the beginning of the year. They reached their highest level on Thursday, March 2022. This has fueled inflation and sent?pump price levels to politically painful levels around the world.

Iran has promised to disrupt traffic through the Strait for as long as they are threatened. This could mean that Middle East oil supplies will be further disrupted by a conflict which has already killed thousands.

Tehran warned Wednesday of "unprecedented" military action against the continued U.S. blockade of vessels linked to Iran. Trump said Iran could not have a nuke, but Tehran claims its nuclear ambitions were peaceful.

They don't understand how to sign an agreement that is non-nuclear. They better learn soon! Trump posted on social media Wednesday without explaining the details of such a deal.

The post included a mockup of him wearing dark sunglasses and holding a machine gun, with the caption "No more Mr. Nice guy."

A Pakistani source told AFP that Pakistan, as a mediator, was trying to prevent escalation between Washington and Tehran while they exchanged messages about a possible deal. Trump met with oil executives on Tuesday and discussed "the steps President Trump took to ease global oil markets, and steps we could continue the current blocking for months if necessary and minimize the impact on American consumers," according to a White House spokesperson.

URANIUM DISPUTE, ECONOMY ?UNDER PRESSURE

A senior Pentagon official, who provided the first official estimate for the cost of the war, said that the U.S. has spent $25 billion on the conflict so far.

The State Department cable stated that the United States invited other countries to join an international coalition to enable ships to navigate through the Strait of Hormuz, after traffic in the waterway had stalled.

According to the cable, the proposed coalition, dubbed "Maritime Freedom Construct", will share information, coordinate diplomatically and help enforce sanctions.

France, Britain, and other countries held discussions on joining a coalition. However they said that only after the hostilities have ended would they be willing to open the Strait.

Iran is seeking U.S. recognition of its right enrich uranium, which it claims to be for peaceful civilian purposes. The country has about 440 kg (970 pounds) of uranium that is 60% enriched. This could be used to make several nuclear weapons.

Mohammad Baqer Qalibaf is the top negotiator and speaker of Iran's parliament. He said that Trump wanted to divide Iranians?and force Iran into surrendering through a blockade.

In an audio message posted on Telegram, Qalibaf stated that the only way to defeat the new enemy conspiracy was by maintaining unity. This has always been the bane for all of the enemy's plots.

U.N. Human Rights Chief Volker Turk stated on Wednesday that Iran has executed 21 people and arrested over 4,000 others on charges related to national safety since the beginning of the war two months ago. The Iranian Students' News Agency reported that the currency of Iran fell to a new record low on Wednesday. This is a sign that the war has taken a toll on the country's economy. The central bank reported that the inflation rate remained at 65.8% in the month ending April 20.

IRAN WANTS A FORMAL END OF CONFLICT FIRST

Iran's most recent offer to resolve the war, which has been suspended since 8 April under a ceasefire agreement, would put aside discussions of its nuclear program, until the conflict was formally resolved and shipping issues were resolved.

This did not satisfy?Trump's request to address the nuclear issue from the beginning.

The source from Pakistan said that the United States shared "observations" with Iran on its proposal, and now it is up to Iran to respond.

The source said that "the Iranians" asked for time until the end of the next week.

Two U.S. officials as well as a person with knowledge of the situation said that U.S. Intelligence agencies are examining how Iran might respond if Trump declared a unilateral win.

Since the U.S. began its airstrikes on Iran, Israel and Tehran have largely blocked all shipping except for their own through the Strait of Hormuz. The U.S. started its blockade earlier this month.

Since the strikes that killed senior military and political figures, including the Supreme Leader Ayatollah Al Khamenei, Iran does not have a single, undisputed clerical arbitrator at the top of the power structure.

Iranian officials and analysts claim that the elevation of Khamenei’s injured son Mojtaba to replace him has given more power to hardline leaders of the elite Islamic Revolutionary Guard Corps.

Trump is also under pressure from the American public, which is struggling to cope with rising gasoline prices. He has given varying reasons for his war.

A /Ipsos survey showed that his approval rating was the lowest in his current term. (Reporting and writing by bureaus, Stephen Coates, Lincoln Feast, Simon Lewis and Keith Weir; Editing and proofreading by Clarence Fernandez, Neil Fullick and Clarence Fernandez)

(source: Reuters)