US and Iran Peace Talks Fail and Oil Prices Rise
Introduction
The US and Iran talked in Pakistan. They did not agree on a peace plan. Now, the US will block a sea path. Oil prices are going up.
Main Body
The US and Iran talked for 21 hours. They did not agree. The US wants Iran to stop its nuclear weapons. Iran says the US wants too much. On February 28, the US and Israel attacked Tehran. Now, President Trump says the US Navy will block the Strait of Hormuz. He says the US will stop Iranian mines. Iran says they own the water. Oil prices are now very high. US oil is $104.24 per barrel. Brent oil is $102.29 per barrel. Experts say prices will stay high. This problem hurts the economy. Banks may not lower interest rates. In Ireland, people are protesting in Dublin. In the UK, it is now more expensive to live. Saudi Arabia is trying to help. They are fixing an oil pipe. But the IMF says the world economy will grow slowly. Experts think there will be more small fights and oil problems for a long time.
Conclusion
The world economy is now in a difficult time. Oil prices are high and the sea is not safe.