&imwidth=800&imheight=600&format=webp&quality=medium "US pushes for Ukraine-Russia talks next week as Iran war triggers oil price surge")
As the US-Israeli military operation in Iran triggered a steep rise in global energy prices due to trade route disruptions, Washington on Tuesday (Mar 10) proposed another round of Russia-Ukraine talks next week, mediated by the United States, to end the four-year-long war in Europe, Ukrainian President Volodymyr Zelensky said.
“This was proposed by the American side, but we'll see what happens in the Middle East, to be honest,” Zelensky told journalists, adding that the meeting “could be in Switzerland or Turkey.”
Earlier in the day, Donald Trump announced a U-turn from his policy on Russian oil, after over a year of mounting rhetoric about “funding Putin's war” and imposing tariffs on countries purchasing Russian energy. He stated that Washington will waive some sanctions to boost supply and bring down prices due to upheaval in the global energy market caused by the war in West Asia.
“We're also waiving certain oil-related sanctions to reduce prices,” Trump told reporters after talks with Russian President Vladimir Putin, adding, “We're going to take those sanctions off till this straightens out.”
These developments came as the war in West Asia entered its 11th day, causing upheaval in energy markets across the world as global oil prices jumped above $100 per barrel for the first time since the start of the Russia-Ukraine war in 2022, marking more than a 50 per cent increase since the start of joint US-Israeli military strikes in Iran on February 28, which resulted in the killing of Supreme Leader Ayatollah Ali Khamenei on the first day of the campaign.
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In retaliation, Iran targeted US military bases and strategic locations across Gulf nations, including Qatar, the UAE, Saudi Arabia, and Oman, leading to disruptions across the region. Moreover, Tehran has effectively halted shipping through the Strait of Hormuz, a vital artery for about 20 per cent of the world’s oil supply. In response, major producers such as Iraq, Kuwait, and the UAE have been forced to cut production as their storage tanks reach capacity with limited export routes.
The proposed talks between Russia and Ukraine follow three major trilateral summits in Abu Dhabi and Geneva, centred on a 20-point peace plan proposed by the Trump administration. The framework seeks to resolve humanitarian and technical issues, including prisoner swaps and nuclear safety, while temporarily freezing the frontline to defer territorial disputes. Although 90 per cent of the non-territorial clauses are reportedly settled, the process is currently on hold as Washington pivots its diplomatic focus toward the escalating conflict in West Asia.
(Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.)
