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US-Iran Negotiations in Pakistan Fail
Over the weekend, discussions between American and Iranian officials held in Pakistan ended without agreement. In response, Donald Trump issued a warning of a complete blockade of the Strait of Hormuz, which led to crude oil prices jumping more than 8% at market opening. The risk premiums that had eased recently were swiftly restored as traders reacted to the renewed geopolitical tensions.
This type of escalation has occurred before during the ongoing conflict with Iran, suggesting that the likelihood of widespread market turmoil across Asia may be somewhat contained. The talks in Islamabad lasted approximately 21 hours, but ultimately broke down due to what were characterized as "excessive" demands from the US, leaving the ceasefire unresolved.
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