Hegseth claims the US may intervene if Iran does not hand over enriched uranium, raising tensions. Shipping traffic through the Strait of Hormuz remains volatile, with logistics constrained by insurer uncertainty. Meanwhile, the Lebanese PM criticizes Israeli civilian attacks, escalating regional tensions.
Financial markets showed relief following the announcement of a ceasefire in the Iran conflict, but the situation remains volatile. The energy crisis caused by the potential closure of the Strait of Hormuz has left significant economic damage, and doubts persist about the durability of peace. Economists forecast that oil prices will remain above pre-war levels throughout 2026.
The US and Iran agreed to a two-week ceasefire amid a crisis over the Strait of Hormuz. Mediated by Pakistan's Prime Minister, Israel supported the truce conditional on Iran reopening the strait and ceasing attacks. However, questions remain about why Iran agreed to a ceasefire that excluded Lebanon.