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The United States and Iran left Islamabad without a peace deal, ending the most senior diplomatic encounter between the two nations since the 1979 Islamic Revolution. Vice President JD Vance, who led the U.S. delegation, told reporters that Tehran "refused to accept our terms" after a marathon 21‑hour session. Vance emphasized that the United States requires a "fundamental commitment" from Iran not to pursue nuclear weapons or the associated delivery systems. "We need an affirmative pledge that they will not seek a nuclear weapon, and they will not seek the tools that would enable them to quickly achieve a nuclear weapon," he said. Iran’s Ministry of Foreign Affairs, represented by spokesperson Esmaeil Baghaei, cautioned that no one expected a single‑session resolution. "Naturally, from the beginning, we should not have expected to reach an agreement in a single session," he told state broadcaster IRIB, adding that Tehran remains "confident that contacts with Pakistan and other regional friends will continue." Pakistan called on both parties to honor the ceasefire and pursue a durable peace. Foreign Minister Ishaq Dar expressed gratitude for the mediation efforts, stating, "We hope the two sides continue with a positive spirit to achieve durable peace and prosperity for the entire region and beyond." The stalled talks occur against the backdrop of a war that began on February 28, when the United States and Israel launched a campaign against Iran. The conflict has since spread across the Middle East, causing over 2,000 fatalities and extensive damage to both military and civilian infrastructure. One of the war’s most destabilizing effects has been a global energy crisis, as Iran tightened control over the Strait of Hormuz—a chokepoint through which roughly 20 % of the world’s oil and gas exports flow. The delegations, led by Vance for the United States and Iranian Parliament Speaker Mohammad Bagher Qalibaf, also discussed how to sustain a ceasefire that is already under strain from deep disagreements and Israel’s ongoing attacks on Hezbollah in Lebanon.

The collapse of talks between the US and Iran has sent shockwaves through global markets, fuelling fears of a prolonged energy crisis and rising inflation. The failure to reach a peace deal has left large numbers of oil tankers stuck in the Persian Gulf, with oil prices fluctuating wildly in response to the uncertainty.US Vice-President JD Vance has blamed the collapse of the talks on Tehran's refusal to abandon its nuclear weapons programme, while Iranian sources have hit back at what they describe as 'excessive' demands from Washington. The stalemate has raised concerns about the long-term impact on the global economy, with governments and central banks warning of higher inflation and interest rates.Mohamed El-Erian, an adviser to Allianz, has cautioned that uncertainty will continue to dominate assessments of the financial impact from the conflict. 'Absent a swift resumption of negotiations, the immediate reaction of financial markets when they open for the trading week will be to push oil prices higher and borrowing costs higher,' he said.The International Monetary Fund and World Bank's spring meetings in Washington will focus on the war's impact on the global economy, with the IMF's managing director, Kristalina Georgieva, indicating that the fund will present three scenarios predicting lower economic growth and higher inflation. The IMF is also expected to highlight the impact on vulnerable economies.In the short term, oil prices have ended the week lower, with Brent crude at $94.26 a barrel and West Texas Intermediate crude at $95.63 a barrel. However, global stock markets have rebounded after a temporary ceasefire was announced, with the S&P; 500 close to its level before the US-Israeli attacks on Iran began.

The global energy crisis has been labeled 'the mother of all crises' by Turkish Energy Minister Alparslan Bayraktar, as tensions in the Strait of Hormuz continue to escalate. The crisis, sparked by Iran's retaliatory blocking of the strait, has significant implications for global energy supplies and security.Bayraktar, in an exclusive interview with Al Jazeera Arabic, highlighted the importance of diversifying energy routes to mitigate the impact of such crises. He noted that Turkey, with its strategic location between Asia and Europe, has become a pivotal country in the region, hosting key pipelines such as the 'Blue Stream' and 'TurkStream'.The minister emphasized that Turkey is well-suited to weather the crisis, with sufficient strategic energy reserves, including gas storage facilities that are 72 percent full, compared to Europe's 28 percent. However, he warned that rising oil and gas prices still burden the state budget, with an increase of $1 per barrel costing Ankara approximately $400 million.Bayraktar also discussed the potential for a new energy architecture to emerge, driven by the need for diversification. He proposed several projects, including the transportation of Turkmen gas across the Caspian Sea to Turkey and Europe, extending the Iraq-Turkey oil pipeline to reach Basra, and constructing a natural gas pipeline from Qatar to Turkey.The crisis has significant economic implications, with oil prices potentially rising to $200 per barrel in a worst-case scenario, which could lead to another global recession. Bayraktar stressed the importance of a lasting peace in the region to stabilize energy markets and prevent further economic damage.

The recent ceasefire between the United States and Iran may provide temporary relief, but the oil crisis triggered by their conflict is far from over. After 40 days of fighting, the two nations agreed to a two-week ceasefire, with negotiations set to begin in Pakistan's capital, Islamabad.One of the key points in Iran's 10-point proposal is allowing shipping to resume through the Strait of Hormuz, a critical waterway through which 20 percent of the world's oil and gas is shipped during peacetime. The strait has been effectively closed since the start of the war, causing global oil and gas prices to soar.Following the announcement, oil prices dropped to $92 on Wednesday, down from over $110 for much of the war. However, delays in restarting production and transport mean the energy crisis is far from over. For ships to continue operating, they need certainty about security during the next two weeks of the ceasefire.Even with the waterway reopened, it will take weeks for large oil tankers – now scattered thousands of miles away – to return to the Gulf to collect the millions of barrels sitting in large reservoirs. With very few tankers able to load or unload and their onshore storage full, producers began shutting wells, causing regional oil output to plummet despite efforts to reroute limited volumes via overland pipelines.Economists warn that the true impact on grocery bills will likely persist throughout 2026 and into 2027. Additionally, it will take years for the Gulf energy industry to repair facilities damaged or destroyed during the war.Shipping data shows that combined exports from Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates fell from 469 million barrels in February to 263 million barrels in March – a decline of 206 million barrels, or 44 percent. Iraq's crude exports have been hit the hardest, falling 82 percent from 94m barrels in February to 17m in March.The 206 million barrels of Gulf oil lost since the start of the war would fill approximately 103 Very Large Crude Carriers (VLCCs), the workhorse supertankers of the global energy trade. A single VLCC stretches nearly 330 metres (1,080 feet) in length, nearly the same height as the Eiffel Tower in Paris.To put that in more practical terms, if you drove a pick-up truck that averages 24 miles per gallon (or 10 litres per 100km), one barrel of crude oil would carry you about 730km or 450 miles. That is about the distance from New York City to Cleveland, Ohio.For much of the war, oil has traded above $100 per barrel, hitting a peak of nearly $128 on April 2. The value of 206 million lost export barrels at various oil prices is significant, with Brent crude being the global benchmark.

The recent ceasefire between the US and Iran offers a glimmer of hope for the energy crisis that has been exacerbated by the conflict in the Strait of Hormuz. However, the deal's stability is already being questioned, with Iran claiming that Israel's attacks on Lebanon breach the agreement. Even if the ceasefire holds and hundreds of tankers stranded in the Gulf start to transit once more, analysts fear that it will not be enough to return the flow of oil, gas, chemicals, and other vital items to pre-crisis levels. An estimated 2,000 vessels with about 20,000 seafarers onboard have been trapped in the Gulf since the outbreak of the conflict. Shipping analysts and owners have cautioned that even a temporary ceasefire does not provide a sufficient guarantee that it is safe to make the passage, particularly because Iran's foreign minister has stated that transit will be under Iranian military management. Many questions remain for shipowners and their captains over whether it is safe to navigate through the strait. The disruption has been compounded by the forced shutdown of oil and gas production across the Gulf as storage facilities reached capacity. In addition, many key energy production sites have been damaged by drone attacks. Experts have said it could take months or years to fully restore the Gulf's energy production. Energy markets have fallen sharply on the hope that millions of barrels of crude oil and gas trapped in the Gulf could soon help to relieve a crisis that the International Energy Agency has said is more serious than the energy flashpoints in 1973, 1979, and 2022 combined. However, traders are also expected to price in a continuing 'geopolitical risk premium' to reflect uncertainty over whether the ceasefire will hold.

After Tehran announced a two‑week ceasefire in the Iran war, financial markets breathed a noticeable sigh of relief. Oil prices tumbled by more than 10% on Wednesday, stock indices rallied, and optimism about the global economic outlook resurfaced. However, the reprieve is far from complete.For six weeks the world’s economy has been under pressure as Iran effectively closed the Strait of Hormuz, a chokepoint that handles roughly one‑fifth of global oil and gas shipments. The closure sparked what analysts have called the worst energy crisis of the modern era, driving oil to historic highs.Any progress toward re‑opening Hormuz would ease fears of a supply crunch that could otherwise trigger a cascade of recession risks. Yet the situation remains volatile: Tehran and Washington continue to send mixed signals about the waterway’s status, and Israel’s ongoing strikes in Lebanon add further uncertainty.Consumers already feel the strain. Despite the recent price dip, Brent crude remains above $90 a barrel, a sharp contrast to the sub‑$73 levels recorded before the conflict began. While this is an improvement from the period when prices hovered above $100, it still represents a significant premium over pre‑war benchmarks.Most economists expect oil to stay above its pre‑war price throughout 2026. In its baseline forecast, consultancy Capital Economics projects Brent to settle around $80 per barrel by year‑end. Under that scenario, headline inflation in the United States and Europe would hover between 3% and 4% year‑on‑year, while GDP growth is likely to decelerate across major economies.The lingering uncertainty is amplified by the unpredictable stances of both Iran and the United States, as well as the broader geopolitical turbulence involving Israel. Prior to the conflict, few analysts believed Tehran would actually close Hormuz, a threat it has floated intermittently since the 1979 revolution.Given the strait’s pivotal role in the world economy, any prolonged disruption could add a costly premium to global business operations. The International Monetary Fund (IMF) warned in a recent report that wars since 1946 have left “economic scars” lasting more than a decade. The IMF cautioned that even after a ceasefire, persistent political and economic uncertainty can depress investment returns, fuel capital outflows, and constrain both investment and labor supply.In short, while the ceasefire has delivered a short‑term boost to markets, the underlying energy‑price pressures and geopolitical risks mean that the relief is far from absolute.

The Sharif University of Technology in Tehran was bombed on Monday, destroying and damaging multiple buildings, including an artificial intelligence centre housing critical databases. The university's website and other online services went dark.University President Masoud Tajrishi stated that the attack was intended to hinder Iran's progress in AI technology, which the university had been working on for two years. He emphasized that the enemy does not want Iran to succeed or develop, but all Iranian universities are now united in response to these attacks.The US and Israel have not provided an official reason for targeting Iran's higher education hubs or cultural heritage sites, which are considered civilian infrastructure. Over 30 universities have been affected by US and Israeli attacks since the start of the war on February 28.The attacks have prompted the Islamic Revolutionary Guard Corps (IRGC) to declare US and Israeli-affiliated universities 'legitimate targets'. In response, university heads have urged the IRGC to refrain from attacking other universities, considering them 'human and global heritage' entities.The increasing systematic targeting of civilian infrastructure has caused deep concerns among many Iranians, especially since the country was already dealing with economic woes and an energy crisis. The attacks have also sparked debate among Iranians, with some supporting US and Israeli actions in the hope of toppling the governing establishment.

The ongoing conflict between the US, Israel, and Iran has led to a significant disruption in global fuel supplies, causing a surge in energy prices. The Strait of Hormuz blockade and air strikes on key energy facilities in the Gulf have resulted in a nearly complete halt to shipping through the strait, which is a critical route for oil and liquefied natural gas (LNG) exports. Egypt's government has announced several measures to mitigate the impact of the crisis on its energy resources. These include reducing fuel allocations for government vehicles by 30 percent, cutting street lighting and advertisement lighting by 50 percent, and implementing 9pm shutdowns for shops, malls, and restaurants from March 28, except on Thursdays and Fridays. Additionally, eligible employees will work remotely on Sundays starting April 1, with some essential services exempted from this policy. The country's energy import bill has increased from $1.2bn in January to $2.5bn in March, putting pressure on Egypt's economy, which is already heavily indebted. The government has also raised fuel prices by 14-30 percent to manage demand and conserve state energy resources. Other countries are also taking steps to conserve energy. Malaysia has ordered civil servants to work from home, while Pakistan has imposed restrictions on market and shopping mall operating hours. Bangladesh has reduced working hours for government and private workers, and Sri Lanka and Slovenia have introduced fuel rationing and purchase limits to manage shortages and soaring costs.

Cecile Kohler and Jacques Paris are set to board a flight back to France after three and a half years of detention in Iran, President Emmanuel Macron announced on X on Tuesday. The release was secured through diplomatic talks led by Oman, which acted as a neutral intermediary. “Cecile Kohler and Jacques Paris are free and on their way back to France, after three and a half years of detention in Iran. This is a relief for all of us and, of course, for their families,” Macron wrote. The Iranian decision arrives amid an apparent thaw in relations between Paris and Tehran, as France has openly criticized the war waged by the United States and Israel against Iran. The duo were arrested in 2022 on accusations of spying for France and Israel – charges that the French government repeatedly called unfounded. After being freed from the notorious Evin Prison in November 2025, they remained under the protection of the French embassy. French Foreign Minister Jean‑Noël Barrot said the couple expressed great joy at the prospect of returning home. He confirmed that he had spoken with them and that discussions with his Iranian counterpart, Abbas Araqchi, helped pave the way for their departure. French lawmakers responded to the news with a standing ovation in the National Assembly. The case is part of a broader pattern, described by activists and several Western governments as Iran’s strategy of “hostage‑taking” to extract political concessions from Europe. Iran’s state news agency IRNA confirmed the release, noting it stemmed from an understanding that France would, in return, free Mahdieh Esfandiari, an Iranian student detained in Lyon, and withdraw a complaint lodged against Iran at the International Court of Justice. These diplomatic moves occur against a backdrop of heightened tensions in the region. France has emerged as a vocal critic of the United States‑Israel campaign against Iran, and earlier this week a vessel owned by French shipping giant CMA CGM became the first Western ship to navigate the contested Strait of Hormuz. The strait’s blockage has contributed to a global energy crisis, prompting U.S. President Donald Trump to issue stark threats of further escalation. While the immediate outcome is the safe return of two French citizens, the exchange underscores the delicate balance of diplomatic leverage, humanitarian concerns, and strategic interests shaping France‑Iran relations today.