Trump imposes naval blockade on Iran after peace talks collapse

Several hours after peace talks in Pakistan ended in failure, President Trump announced the U.S. is imposing a naval blockade on Iran and the Strait of Hormuz. Why it matters: Iran has effectively held the strait hostage, imposing a toll and limiting oil exports. Trump's blockade aims to flip that dynamic by denying Iran the leverage it's using as a bargaining chip and preventing it from exporting its oil."We want to take this card from the Iranians," a senior U.S. official said.