Middle East crisis live: Iranian negotiator says ‘we will not bow to any threats’ as Trump says US navy will blockade strait of Hormuz | US-Israel war on Iran


‘We will not bow to any threats,’ Iran’s chief negotiator says in state media reports

Iran had very good initiatives to show goodwill in talks with the US which led to progress in the negotiations, the country’s top negotiator Mohammad Baqer Qalibaf said in comments carried by state media on Sunday.

Qalibaf said Donald Trump’s new threats will have no effect on the Iranian nation.

“If you fight, we will fight, and if you come forward with logic, we will deal with logic. We will not bow to any threats, let them test our will once again so that we can teach them a bigger lesson,” he said.

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Australian shares fall after Trump announces Hormuz strait blockade

Jonathan Barrett

Jonathan Barrett

The Australian share market dropped sharply on Monday morning after US-Iran peace talks broke down and Donald Trump said the navy would blockade the strait of Hormuz.

The S&P/ASX 200 fell 0.8% to trade at the 8,890 point mark in the opening minutes of trading. The benchmark had been poised to open higher, according to futures pricing over the weekend, before the breakdown in peace talks spooked traders.

Market strategy consultant Greg Boland, from trading platform Moomoo, says the increase in geopolitical tension will weigh on market sentiment.

double quotation markThe potential for US naval action around the strait of Hormuz raises the risk of disruption to global oil supply, which could feed directly into inflation expectations and complicate the outlook for central banks.”

Oil prices have also risen back above the $US100 a barrel this morning, according to futures pricing.

Global equity markets have been pulled up and down by the Middle East conflict given energy disruptions and increased oil costs contribute to global inflation by elevating costs across nearly all goods and services.

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