As US-Iran talks remain ‘stalled’, experts warn of ‘long-term disruptions’

With the United States-Israeli war on Iran entering its 60th day, experts warn that there is no end in sight, as negotiations continue to be “stalled” amid soaring oil prices and inflation. The US and Israel launched their attack on Iran on February 28. Tehran retaliated by closing off the Strait of Hormuz, the narrow channel linking the Gulf to the Gulf of Oman, through which approximately 20 percent of the world’s oil and gas exports pass from the Middle East, mainly to Asia and also to Europe. More recently, the US has put in place its own blockade to cut off any ships carrying Iranian oil and eventually force the country to shut off production once it runs out of storage space and seek a resolution. With the two locked into a standoff, oil prices have continued to soar. On Tuesday, WTI crude was at $100.09 at 12:30pm ET [16:30 GMT] – up from $67.02 the day before the attacks – and Brent crude was trading at $111.85, up from $72.87 on February 27. At the pump in the US, that has translated into the highest level in nearly four years for the average price of petrol. Petrol prices were at nearly $4.18 a gallon ($1.10 a litre) on Tuesday, up from the national average of $2.92 since late February, according to data from the American Automobile Association. “Negotiations seem stalled … and any near-term resolution seems difficult,” said Rachel Ziemba, adjunct senior fellow at the Center for a New American Security. …