Iran's Islamic Revolutionary Guard Corps (IRGC) said it coordinated the transit of 26 vessels through the Strait of Hormuz in the past 24 hours, as talks between Washington and Tehran over resuming traffic through the narrow waterway remain stalled.

“Traffic through the Strait of Hormuz is being carried out with permission and in coordination with the IRGC Navy,” the statement carried by Iran’s state-affiliated ISNA news agency said on Wednesday.

About a fifth of global energy exports used to pass through the strait before the beginning of the US-Israel war on Iran on February 28, which prompted Tehran to blockade the waterway. US President Donald Trump’s administration responded by imposing a blockade on Iranian ports, choking Iranian oil exports – the country’s key source of revenue.

The standoff has put huge strain on global energy markets as well as raising concerns over a looming humanitarian catastrophe. On Wednesday, the Food and Agriculture Organization of the United Nations (FAO) warned that the blockage could trigger a severe global food price crisis within six to 12 months, calling the disruption “the beginning of a systemic agrifood shock”.

“The shock is unfolding in stages: energy, fertilizer, seeds, lower yields, commodity price increases, then food inflation,” the FAO said. On Wednesday, Trump spoke about “progress” made in negotiations with Iran, but also threatened to resume military action if Iran does not agree to a deal.

Iran’s Foreign Minister Abbas Araghchi warned “return to war will feature many more surprises”. Will Todman, senior fellow at the Center for Strategic and International Studies, told Al Jazeera that both sides seem convinced that extending their blockades will earn them more leverage against the other.

Source: www.aljazeera.com