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After a Monday of price increases, the price of a barrel of black gold fell during Tuesday's trading on Asian stock markets on the possibility of an agreement to end the conflict.
An E-2D Hawkeye aircraft
The economic and energy crisis triggered by the Middle East conflict continues to take its toll on markets, where volatility and turmoil are the most noticeable trends. The price of oil fell on Tuesday on the Asian stock exchanges, after a Monday of increases following the announcement of the US blockade of the Strait of Hormuz.
As for the conflict, despite the fact that no attacks were recorded by either side, tension remains, even though Donald Trump assured that Tehran now wants to reach an agreement "at all costs" after the start of the blockade. An action that Tehran declares as "illegal" and as "an act of piracy."
On the other front of the war, Israel and the Lebanese government are starting their talks, while the terrorist group Hezbollah is trying to boycott them.
Times correspond to Eastern Standard Time (ET).
Oil prices fall on hopes of a deal
Oil prices fell and stocks rose Tuesday on hopes of a deal to end the war, with Trump saying Tehran had called to seek an agreement even as a U.S. blockade of Iranian ports went into effect.
While weekend peace talks in Pakistan ended with no breakthrough, investors were encouraged that the two sides found some areas of agreement, with the Islamic republic saying they had been "inches away" at one point.
US seeks 20-year pause in Iranian uranium enrichment
The United States sought a 20-year suspension of Iran's uranium enrichment program as part of a deal to end the war, media reported Monday, after Washington and Tehran failed to reach an agreement.
U.S. President, Donald Trump launched the war on Feb. 28 saying Iran was developing an atomic bomb—something it denies—and vowed never to let the Islamic republic get hold of a nuclear weapon.
China urges talks
Chinese President Xi Jinping vowed Tuesday that his country will play a "constructive role" in promoting new peace talks and called for "respect" for the national sovereignty of Middle East and Gulf countries, state media reported.
Xi stressed "China's principled stance of promoting peace and urging talks," according to the state-run Xinhua news agency, as the United States initiated a blockade of Iranian ports after a first round of peace talks ended without agreement.
Spanish Prime Minister Pedro Sanchez, who met Xi on a visit to Beijing, said China could play an "important role" in ending the war.
Tough outlook for energy markets
April could turn out to be a tougher month than March for energy markets and the economy, the head of the International Energy Agency said Monday.
Fatih Birol said loaded cargoes were delivered in March ahead of the Middle East crisis, but "during the month of April nothing has been loaded."
"The longer the disruption goes on, the more serious the problem will be," he told reporters after a meeting at the International Monetary Fund in Washington.
Hezbollah urges Lebanon to abandon talks with Israel
Hezbollah leader Naim Qassem urged Lebanon to cancel talks scheduled for Tuesday with Israel in Washington, reiterating his group's rejection of direct negotiations with the neighboring country.
"We call for a historic and heroic stance by canceling this negotiation meeting," Qassem, whose Iranian-backed group has been at war with Israel since March 2, he said in a televised speech.
Iran denounces U.S. blockade
Iran on Monday slammed the US blockade around its ports as a "grave violation" of its sovereignty. They also called the US navy's actions an "act of piracy."
Trump said earlier that US forces would destroy any Iranian "fast attack ship" that came close to the US naval blockade of Iranian ports that went into effect on Monday.
Highlights of the Middle East Conflict so far, here.
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