India, May 2 -- Two months after Israel and the US triggered the conflict in West Asia with their attacks on Iran, peace remains elusive, and there appears to be a stalemate in efforts to push the combatants towards a cessation of hostilities. A fragile ceasefire has held since April 8, but the resumption of the war remains a possibility, especially with US President Donald Trump pointing towards targeted strikes as part of his efforts to push the negotiations. The White House has insisted that it will not rush into a "bad deal", whereas Iran's President Masoud Pezeshkian has described the US blockade of Iranian ports as an "intolerable" extension of military operations. While there have been no direct talks between the US and Iran since the meeting between officials of the two countries in Islamabad during April 11-12, Tehran, on Friday, sent a revised peace proposal to Washington. The deadlock in negotiations and the competing blockades of the Strait of Hormuz have triggered fears of a prolonged conflict, with the possibility of both sides resorting to periodic strikes. However, this will only exacerbate regional instability and continue the disruption of global trade. Energy prices have continued to rise - petrol prices in the US are at their highest level in almost four years - and LPG (commercial and 5kg cylinders) and aviation fuel prices (for foreign airlines) in India have spiralled upwards. The US think tank Quincy Institute has estimated that the first month of the war alone cost the Trump administration up to $25 billion, and a large-scale ground operation in Iran could require more than $650 billion a year. For nations around the world, especially those in the Global South, which are yet to fully recover from the impact of Covid-19 and the conflict in Ukraine, the prolongation of the West Asia conflict will have severe ramifications. The US clearly appears to have run out of ideas to force open the Strait of Hormuz, other than restarting the bombing of Iran, as its blockade of Iranian ports has not brought Tehran back to the negotiating table despite reports of grain imports being disrupted. Trump's assertion that there can be a deal only if Iran gives up the pursuit of nuclear weapons has only hardened the position of Iranian leaders, with Supreme Leader Mojtaba Khamenei saying that his country will safeguard its nuclear and missile capabilities. Iran has instead offered a deal centred around the reopening of the Strait of Hormuz, while putting off the nuclear issue for a later date. The international community, especially the Global South, must pressure both parties, especially the US, to abandon maximalist positions and turn the tenuous ceasefire into a durable peace. The war has highlighted the importance of a core principle that guided the post-World War II global order - multilateral institutions are essential to negotiate and sustain peace, and Pakistan or the Board of Peace can never be substitutes for the UN. Trump's unilateralism and Israel's adventurism in West Asia have impacted the credibility of global bodies such as the UN and even western alliances, resulting in the world watching a conflict with global ramifications from the sidelines. Iran's plans to control the Strait of Hormuz or the US demands regarding Tehran's nuclear ambitions require a broader framework involving multiple parties and credible agencies to achieve any resolution. Otherwise, the fallout for the global economy will be dire....