Iran and US at Impasse as Both Sides Refuse to Back Down From Blockades

The US and Iran are locked in a stalemate as they battle for control of the Strait of Hormuz. Both sides are blocking the waterway, with no signs of movement on the diplomatic front. President Donald Trump says he will not lift the blockade until Iran agrees to a deal, while Tehran says it has no plans to negotiate or reopen the strait as long as the US siege remains in place.

With talks at an impasse, a record-breaking rally in US stocks has come to a halt, sending Brent crude further above $100 a barrel. Trump is under pressure to resolve the conflict as US gasoline prices rise to the highest level in almost four years. Meanwhile European leaders are meeting in Cyprus to discuss some of the measures they could take to ease the pain of the energy shock.—Emma Clark