US and Iran face new talks as Gulf states push for peace

The closure of the Strait of Hormuz and pressure from Gulf states may force new negotiations between the US and Iran during UN week meetings, though market concerns persist over both Hormuz and Bab al-Mandeb. The strategically vital Strait of Hormuz has been effectively closed since war broke out in February, while Iran-backed Houthi rebels now control the Bab al-Mandeb strait. Analyst Atarodi warns that full resumption of war would close both straits, devastating global trade to Europe and Asia. Iranian President Masoud Pezeshkian criticized the US in a UN speech but opened the door for dialogue, demanding the lifting of a port blockade and compensation. A surprise three-hour US-Iran meeting occurred during UN week, with Gulf states like Saudi Arabia, Qatar, and the UAE pressing for renewed peace talks.