Ceasefire collapses as both sides resume hostilities
President Trump announced late Tuesday that the US-brokered ceasefire with Iran was "no longer in effect," accusing the Iranian government of using the pause to reposition military assets. Hours later, the Pentagon confirmed a new wave of airstrikes on Iranian weapons facilities and command centers. Iran responded by launching attacks on commercial tankers near the Strait of Hormuz, the narrow waterway through which about 20% of the world's oil passes.
Oil prices spike as Strait of Hormuz comes under threat
Brent crude surged past $95 a barrel on Wednesday, the highest level since the conflict began months ago. The US Navy dispatched additional destroyers to the region to secure shipping lanes, but insurance rates for tanker transit have tripled. Analysts warn that a prolonged closure of the strait could push oil above $120 and trigger a global recession. The US revoked authorization for Iranian oil sales, further tightening supply.
International community urges restraint
The United Nations Security Council held an emergency session, with France, Germany, and Japan calling for an immediate return to cease-fire terms. Russia and China blocked a US-sponsored resolution that would have imposed new sanctions on Iran. NATO allies expressed concern about the spillover effects on European energy security, while Gulf states urged both parties to resume talks mediated by Qatar and Oman.