An American blockade in the strait of Hormuz raises energy-market dangers after failed negotiations – pushing a fragile ceasefire closer to collapseAs the US vice-president, JD Vance, took to a podium in Pakistan after 21 hours of diplomacy and said no deal had been reached to end the war with Ira n, his boss Donald Trump was in Miami watching a mixed martial arts fight. The contrast was stark. Just when the outcome of a war and the stability of global markets hung in the balance, the president chose spectacle over engagement. Mr Trump may intend to project strength. But the impression he creates – in Tehran and among America’s allies – is of a president less interested in the substance of diplomacy than in the politics surrounding it.The talks in Islamabad didn’t fail accidentally; the US and Iran were talking past each other. Washington’s position is that Iran must abandon its capacity to develop a nuclear weapon, while Tehran insists it is not seeking one and has the right to a civilian nuclear programme. The US vice-president’s “final and best offer” would have required Iran to give up that capacity altogether – terms that looked less like the basis of a negotiation than an attempt to impose the conditions of victory. Continue reading... ...read more read less