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 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.
Yvette Cooper has admitted a lot of work needs to be done to successfully reopen the Strait of Hormuz, as she insisted Iran should not be allowed to introduce tolls on the key shipping route.
The UAE is advocating for a broad international coalition and is working with Bahrain on a proposed United Nations Security Council resolution to provide legal backing for the force.
Because Yemen imports nearly 90 percent of its food and other essential commodities, economists and humanitarian organisations warn that the rise in shipping and insurance costs could quickly translate into higher prices for fuel, food and other goods, further worsening an already dire humanitarian situation.