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Started 4 days ago · Updated 3 days ago

UAE Official: 50-50 Chance of US-Iran Agreement on Strait of Hormuz; Economic Fears Rise

Photo · risingnepaldaily.com

A senior UAE official stated there is a "50-50" chance of a US-Iran agreement to reopen the Strait of Hormuz, urging Iran not to overestimate its negotiating position. Meanwhile, concerns are growing about potential economic crises, with one report comparing the current situation to the 2008 Great Recession due to disruptions in oil supply and pricing.

• The UAE official warned against negotiations that only lead to a ceasefire and sow seeds for future conflict, emphasizing the Strait of Hormuz must return to its status as an international waterway.
• US Secretary of State Marco Rubio noted minor progress in talks with Iran on its nuclear deal but stressed that core issues, including Iran's uranium stockpile, remain unresolved.
• The closure of the Strait of Hormuz is identified as a major factor contributing to fears of an economic crisis similar to the 2008 Great Recession.
• The UAE official highlighted the Iranian nuclear program as the primary concern, stating that Iran is capable of using any weapon in its arsenal.
• Experts predict a potential drop in oil demand and a rise in Brent crude futures prices if the Strait of Hormuz remains disrupted.