Fragile ceasefire under strain
The ceasefire between the United States and Iran is showing cracks barely a month after it was agreed. President Trump announced on social media that a deal with Iran is 'largely negotiated' and that the Strait of Hormuz will reopen under the agreement. The strait, a narrow waterway that carries about one-fifth of the world's oil shipments, has been largely blocked by Iran since late February.
Iran's state media did not confirm the deal and contradicted parts of Trump's claims. The Islamic Revolutionary Guard Corps (IRGC) said it struck a base used by US forces in response to American attacks on an Iranian target near the Strait of Hormuz. The exchange raises questions about whether the ceasefire can hold.
Pakistan steps in as mediator
Pakistan Prime Minister Shehbaz Sharif has offered to host US-Iran peace talks in Islamabad. Saudi Arabia, which earlier denied the US access to its airspace for operations against Iran, is now supporting peace talks through its ally Pakistan. The diplomatic push comes as the war, which began with a US-Israeli air campaign in late February, has reshaped global energy markets and drawn in regional powers.
Global energy prices remain volatile
Oil prices have swung wildly since the conflict began. The potential reopening of the Strait of Hormuz could bring relief to global markets, but analysts warn that any breakdown in talks could send prices soaring again. The International Energy Agency has been monitoring the situation closely, calling for a stable resolution to ensure energy security.