The Prime Minister intervened diplomatically after 21 hours of negotiations in Pakistan ended without an agreement on Iran's nuclear program, raising fears of renewed confrontation between the United States and Iran in one of the world's most strategically sensitive maritime corridors.
The deal talks are expected to resume later on Sunday, with the seemingly never-ending meeting suggesting that both sides remained engaged and still had topics to discuss.
Three supertankers laden with oil have passed through the Strait of Hormuz amid the fragile truce between the United States and Iran, according to shipping data. Iran's blockade of the strait has disrupted global energy supplies and sent oil prices soaring since the start of the US and Israel's war on Iran.
The reopening of Hormuz is critical to the world's oil trade because its closure has resulted in the loss of millions of barrels of supply to global markets. A resumption would alleviate pressure on increasingly tight physical markets everywhere.
The catastrophe of the Iran war and the homegrown chaos of this week has once again laid bare the urgent need to reduce our vulnerability to the never-ending cycle of energy shocks.