Vance says ‘two can play’ blockade game as he accuses Iran of ‘economic terrorism’
The US has accused Iran of 'economic terrorism' as tensions rise over the Strait of Hormuz blockade. The blockade has caused a double bind for global shipowners, who risk facing US consequences if they pay Iran's 'Tehran toll booth' to transit through the strait.
The US has imposed a naval blockade on Iranian ports, sparking a dispute with Iran over control of the Strait of Hormuz. Iran is asserting its own control, allowing some vessels to pass if they pay a 'Tehran toll booth' fee of up to $2 million. The US warns that ships paying this fee may face consequences. The blockade has significant economic implications, with the UN estimating that the conflict could cost the Asia-Pacific economy hundreds of billions of dollars. The region is heavily reliant on energy imports from the Middle East, making it particularly susceptible to the effects of the shortage. Talks between the US and Iran are ongoing, with a potential second in-person meeting planned.
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