U.S.-Iran Resume Hostilities... Trump Says Ceasefire MOU Is "Over"

The United States and Iran, which had agreed to a 60-day ceasefire along with the signing of a ceasefire memorandum of understanding last month, have resumed hostilities over passage through the Strait of Hormuz. In this regard, U.S. President Donald Trump said on the 8th local time that the ceasefire MOU signed with Iran "seems to be over." He made the remark during a meeting with NATO Secretary General Mark Rutte on the sidelines of the North Atlantic Treaty Organization (NATO) summit in Ankara, Turkey, according to AP and AFP.

Trump also signaled deep distrust and suggested the ceasefire had collapsed, saying, "Dealing with them is a waste of time," while leaving open the possibility that a U.S. delegation could still talk with Iran. As a result, the ceasefire now faces renewed risk of collapse and further escalation.

Iran's Islamic Revolutionary Guard Corps (IRGC) said on the 8th local time, through state television, that it had struck U.S. military facilities in Bahrain and the State of Kuwait. Bahrain hosts the headquarters of the U.S. Fifth Fleet, while Kuwait is home to Ali Al Salem Air Base.

The IRGC said, "As an initial response to this aggression, the IRGC Navy and Aerospace Force carried out a joint missile and drone operation, striking 85 major U.S. military facilities in the two countries." It also claimed to have shot down one U.S. MQ-9 drone.

The Iranian strikes were seen as retaliation after three commercial vessels passing through the Strait of Hormuz on the 6th and 7th were hit by Iran for allegedly failing to coordinate their routes in advance. The United States then launched airstrikes and attacks on Iranian military facilities in response.

CENTCOM, which oversees operations against Iran, said on the 7th that it had "completed airstrike operations against Iran" and struck about 80 targets in southern Iran.

As tensions in the Strait of Hormuz rose again, August WTI futures traded in the U.S. market on the 8th climbed 2.87% from the previous session to $72.46 per barrel at one point during the day. September Brent crude also rose 2.75% in the London market to $76.18 per barrel, the highest level in about two weeks. Both benchmark grades surged more than 5% on the 7th alone, when the United States reinstated sanctions on Iranian oil. The Office of Foreign Assets Control of the U.S. Department of the Treasury (OFAC) revoked a 60-day temporary general license issued on May 21 to allow the production, delivery, and sale of Iranian crude oil, about two hours before the U.S. airstrikes began.



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