The ceasefire agreement in the Middle East is on the verge of complete collapse after the United States and Iran exchanged massive military strikes in the past few hours, escalating into attacks on neighboring countries.
The US Central Command (CENTCOM) launched a second consecutive night of large-scale bombing along the Iranian coast. American fighter jets hit missile depots, radar stations and air defense systems (ADF). Washington said the attack was a direct response to an Iranian drone that hit another commercial tanker in the Strait of Hormuz.
Iran's Islamic Revolutionary Guard Corps (IRGC) responded immediately with waves of missiles and drones against Gulf states where US bases are located. Kuwait's military confirmed that its air defenses were actively intercepting targets in the sky, and in Bahrain - where the US Fifth Fleet is based - air raid sirens were activated.
The two superpowers accused each other of completely violating the ceasefire signed on June 17. US President Donald Trump has issued an unprecedented warning to Tehran, saying that if the attacks do not stop, the US will finish what it has started and “Iran will no longer exist“.
Despite the dramatic escalation of direct military strikes between the US and Iran in the Persian Gulf since last night, global energy markets have reacted unexpectedly calmly. As of this morning, international benchmark crude oil futures Brent fell more than 1.2%, falling to levels from $72.60 per barrel – values typical of the period before the start of the large-scale conflict.
Market experts explain this trend by the fact that shipping through the strategic Strait of Hormuz remains active. US Energy Secretary Chris Wright reassured investors by stating that more than 20 million barrels of oil have successfully passed through the strait in the past 24 hours. In addition, traders are betting on increased global supply, as Oman has opened alternative and safe sea routes off its coast, coordinated with the International Maritime Organization (IMO).
At the same time, in Brussels, the European Union expressed deep concern about the rapid collapse of the temporary ceasefire reached on June 17. Diplomatic sources report that the EU High Representative for Foreign Affairs Kaia Kallas is in urgent contact with the leaders of the Gulf Cooperation Council (GCC). The EU strongly condemned Iran's missile strikes on Kuwait and Bahrain, calling them an "unacceptable threat to regional stability." The Swiss government, which was supposed to host the 60-day peace talks between Washington and Tehran, said this morning that maintaining diplomatic channels remained a top priority, but acknowledged that scheduled meetings were being postponed indefinitely. The EU has condemned Iran's missile strikes on Kuwait and Bahrain, calling them an "unacceptable threat to regional stability." data-processed="true" data-sfc-cb="" data-sfc-root="ep" jsaction="" jscontroller="zYmgkd#vvzi1e" jsuid="HThyOd_17">Source: Al Jazeera / Reuters / Bloomberg / CENTCOM) / KRIEG / The Guardian