look news india
The ongoing tension between America and Iran is not showing any sign of decreasing. This battle to maintain dominance over the international market and global maritime trade routes has now reached a very sensitive juncture. Recently, the Trump administration has announced a new set of sanctions, taking strict economic action on Iran. This time, America’s target is Iran’s newly formed agency, which is trying to take control of the ships passing through the world’s most important oil supply route – the Strait of Hormuz.
Iran was preparing to extort money from ships
The US Treasury has issued an official statement imposing complete sanctions on Iran’s ‘Persian Gulf Strait Authority’ and any person or entity cooperating with it.
Actually, Iran had recently formed this special agency. Its main function was to allow international ships passing through this narrow sea route and to impose heavy duties on them. According to reports, Iran was trying to extort a huge amount of up to 2 million dollars (about Rs 16.5 crore) from every ship passing through this route, which is being seen as a direct attack on global trade.
‘Iran is stuck in economic crisis’
Talking about this strict action, US Treasury Secretary Scott Besant said that this new effort of the Iranian army to put pressure on global maritime trade clearly shows that Iran has become helpless in front of American economic sanctions. He is facing deep financial crisis internally and is now adopting such tactics to raise money. He warned in clear words that Washington will maintain its economic strictness on Iran until it learns to respect its international boundaries.
Why is the Strait of Hormuz special?
From geographical and commercial point of view this route is considered the lifeline of the world. About 20 percent of the world’s total oil and gas supply passes through this narrow sea route. In such a situation, Iran’s efforts to increase arbitrary tax collection and military control on this route have given sleepless nights to the global energy market. Once again a sharp rise in the prices of crude oil and natural gas is being seen in the international market. Experts believe that due to this new dispute, it may take several weeks or months for the condition of the waterway to completely return to normal.
Iran’s threat and US action in ‘self-defense’
On the other hand, Iran’s Revolutionary Guards are trying to justify their actions. They say that they are only ensuring maritime safety and only the ships passing through their designated routes will be safe. Along with this, he said in a threatening tone that countries or companies which do not follow his rules may have to face missile attacks and other unexpected dangers in the sea.
Amidst this threat, the US military has also claimed that it has recently taken direct military action against Iranian missile bases and drone activities in self-defense and security of international waters.
Talks continue, but Trump is not satisfied yet
Amidst this deep tension and the ongoing military skirmishes in the sea, behind the scenes diplomatic talks are also going on between the two countries to end the war forever. US President Donald Trump himself has claimed that both the countries have come very close to a peace agreement, but the matter is not completely finalized yet.
Trump said in his statement, “Iran certainly wants to reach a deal to get out of this economic recession, but we are not satisfied with their current proposals and conditions. If they do not agree to the right terms, we will have to take action.”
America has made it clear that until a written and formal agreement is reached, its maritime restrictions on Iranian ports will not be lifted. The impact of this entire controversy is now visible on American domestic politics as well, where rising fuel prices have created a new economic challenge for the Trump administration just before the midterm elections.
