Dorothy

The Strait of Hormuz lies between Iran and Oman and has emerged as the chief pressure point in the geopolitical conflict due to its strategic placement as a global oil channel.

Trump’s declaration comes after the 60-day period for negotiations to end the war – established under an interim peace deal signed in June – expired Monday without a breakthrough.

Trump now says the attacks on commercial shipping are of "nuisance value." After President Donald Trump declared the memorandum of understanding between the U.S. and Iran was "over" on July 7, he threatened heavy strikes on Iran whenever commercial vessels were hit in the Strait of Hormuz or the Bab al-Mandeb Strait.

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According to CNN’s Fareed Zakaria, Iran has been under international economic sanctions for decades, and there were few measures the U.S. could take outside of sanctioning or cutting off relations with Tehran’s largest trading partners.

With the war in Iran in stalemate and midterm elections less than three months away, Trump is asking voters for time. Read Full Article ⟶

Trump’s new crackdown comes as Iran’s economy is already in a catastrophic tailspin. Data from the exchange-rate monitor Bonbast shows the Iranian rial has undergone a catastrophic collapse. On the open market, the currency has plummeted to a staggering 1,374,600 rials to one US dollar. Over the last 20 years, the rial has lost more than 99% of its purchasing power; in 2006 the exchange rate was 9,200 rials per dollar. While Tehran attempts to hide behind a fictional “official” rate of 42,000 rials per dollar, the reality is quite different.