US-Iran Ceasefire Collapses Amid Ongoing Conflict
A temporary ceasefire between the US and Iran has effectively collapsed, with neither side yielding on Iran's nuclear program or shipping through the Strait of Hormuz. The development comes after a series of escalations in the conflict, which began on February 28.
US President Donald Trump announced that he had agreed to cancel an attack on Iran, subject to being able to rapidly make a deal. The agreement would include the 'Immediate, Complete, and Total OPENING OF THE HORMUZ STRAIT, and an end to Iran's nuclear threat,' according to Trump.
However, experts warn that the situation remains volatile, with Iranian officials treating Trump's demands with suspicion. Foreign Minister Abbas Araqchi called Trump's demands a 'wish list' and warned of a 'decisive and proportionate response' if the US or Israel were to launch any aggression.
The conflict has had significant implications for global oil markets, with prices rising over 1% on Friday after attacks on several vessels in the region. West Texas Intermediate settled at $84.67, while Brent finished at $90.12.