BlockBeats News, April 17th, according to Bloomberg, regional officials familiar with the matter said that some Gulf countries and European leaders believe that a US-Iran peace agreement may take about six months and are advocating for the current ceasefire to be extended to cover this period. These officials stated that leaders from various countries are hoping to reopen the Strait of Hormuz immediately to restore energy flow and have privately warned that if the strait is not reopened for passage by next month, a global food crisis may ensue.

They also stated that if the war continues for a longer period, energy prices may further rise. Officials said that Gulf countries believe Iran is still seeking to develop nuclear weapons, a stance that has not changed after the US-Israeli strikes on Iran, and therefore believe that any peace agreement should prohibit Iran from uranium enrichment or possessing long-range ballistic missiles. However, Gulf countries are generally opposed to resuming hostilities and hope that the US will resolve its dispute with Iran through diplomatic means. (FX Street)