Vance accuses Iran of ‘economic terrorism’; Hezbollah says it will not abide by agreements that result from talks in the US

• US starts naval blockade of Iranian ports after deadline passes

South Korean president Lee Jae Myung has said rising tensions around the strait of Hormuz make it hard to be optimistic about the fallout from the Iran war, warning that high oil prices and supply-chain strains are likely to persist for some time.

Lee told a cabinet meeting on Tuesday the government should treat prolonged disruption in global energy and raw materials markets as a given and reinforce its emergency response system.

For the time being, difficulties in global energy and raw materials supply chains and high oil prices will continue … I ask that we pursue the development of alternative supply chains, medium- to long-term industrial restructuring, and the transition to a post-plastic economy as top-priority national strategic projects.”

Lebanon and Israel have been at war in some form since the early 1980s. You’re not allowed to enter Lebanon if you have an Israeli stamp in your passport. The two don’t have diplomatic relations. So the fact that these talks are happening directly between the two governments is something that’s really astonishing.