US-Iran peace negotiations have stalled after Donald Trump cancelled a planned diplomatic trip to Pakistan, with both nations engaged in a battle of wills. Iran is losing an estimated half a billion US dollars daily from blocked oil exports, while the US has deployed a third aircraft carrier to the region and moved significant military assets from the Indo-Pacific to the Middle East. The conflict continues to impact global fuel prices and supply chains, with downstream effects on plastics, packaging and fertiliser production.

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