US-Iran ceasefire deal expires as military tensions rise
The 60-day interim ceasefire agreement between the US and Iran has expired without an extension, leading Iran to threaten a fully offensive military posture. The deal collapsed over disputes regarding control of the strategic Strait of Hormuz, where vessel traffic has plummeted.
Why it matters
Around 520 commercial vessels are currently stuck in the Gulf, and clearing this backlog could take six to eight weeks as the critical energy waterway remains at a near-standstill.
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