Nearly six weeks of fighting between Iran and the United States have paused, but tensions remain after talks failed. Donald Trump has increased pressure by threatening to block the Strait of Hormuz, a key global oil route. Iran is responding by using control of the strait as leverage, similar to how China earlier countered US pressure using rare-earth supplies. This has already pushed oil prices higher and raised concerns over fuel costs and inflation. Iran has shown no sign of backing down, signalling a longer standoff ahead.
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