Fresh diplomatic efforts are underway to secure a ceasefire between the United States and Iran as concerns grow that prolonged tensions could continue to disrupt global energy markets without escalating into a full-scale war, according to The Wall Street Journal.
International mediators are seeking to bring both sides back to the negotiating table. Mediators, particularly those representing Gulf countries, fear the US and Iran could settle into a prolonged war of reckless military confrontations that could keep the region’s economy under pressure.
One of the biggest concerns is the Strait of Hormuz, where shipping activity has fallen to just 10 vessels per day.
Qatar has reportedly proposed a 10-day ceasefire and the removal of restrictions on shipping through the Strait of Hormuz to restore commercial traffic.
Meanwhile, Brent crude continued to trade around $90 per barrel.
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