Timeline: What has happened this week since US and Iran missed deadline for peace talks

A critical window for peace talks between the United States and Iran closed this week without a resolution, leaving global oil prices on the rise and the Strait of Hormuz a persistent point of contention.

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the “situation” with Iran “was so good,”

The 60-day deadline for negotiations expired Monday, with U.S. President Donald Trump stating no talks were underway or scheduled. He had previously instructed his envoys to halt conversations with Tehran. In response, Iran's parliament speaker, Mohammad Bagher Ghalibaf, outlined demands for reopening the vital waterway, including the lifting of sanctions on Iranian oil and an end to military threats.

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US must meet before the Strait of Hormuz reopens, including lifting sanctions on Iranian oil and ending military threats.

Escalating the pressure, Trump on Wednesday threatened "crushing economic warfare" against Iran, a move condemned by Iran's Foreign Ministry as punishable. The U.S. also imposed new sanctions targeting Hezbollah, designating the Lebanese militant group as an Iranian proxy. Meanwhile, China, a significant trading partner for Iran, voiced opposition to Trump's "economic D-Day" threat, stating it was not in any party's interest.

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crushing economic warfare

The heightened tensions have impacted global markets, with drivers in the U.S. facing nearly a dollar increase per gallon of gas compared to the previous year. Refineries are navigating wartime obstacles, contributing to the price surge. The USS George Washington arrived in the Middle East to relieve the USS Abraham Lincoln, which had completed an extended deployment amid concerns for crew morale.

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are liable to prosecution and punishment.