Trump's 'Status Quo' With Iran Is an Admission of Defeat
Summary
President Donald Trump said the United States was maintaining the status quo with Iran and that the war was “militarily, effectively over.” The article reports that shipping through the Strait of Hormuz remains sharply reduced, attacks and threats continue, and the conflict has raised energy costs in several regions.Key Facts
- UK Maritime Trade Operations data put commercial traffic through the Strait of Hormuz about 65 percent below prewar levels.
- The United States continues to maintain a naval blockade of Iranian ports.
- Iran’s Revolutionary Guards said two oil tankers struck mines and caught fire; UK Maritime Trade Operations also recorded a strike on another tanker.
- AAA figures for November 10 put U.S. gasoline at $3.98 per gallon and diesel at $6.16 per gallon, about 30 percent and 65 percent higher than a year earlier.
- The International Energy Agency considers the Iran war the largest oil supply disruption in history.
- European energy regulators estimated that the conflict added €18 billion to €33 billion to Europe’s gas import bill.
- The article says Saudi Arabia’s East-West oil pipeline was attacked and Saudi air defenses intercepted missiles launched by Yemen’s Iran-aligned Houthi rebels.
- Iran’s Supreme National Security Council secretary said Washington must meet seven Iranian conditions before the Strait of Hormuz can reopen.
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