On February 28, US and Israel launched strikes on Iran, throwing the West Asia region in turmoil. The conflict lasted over a 100 days before a peace deal was finally reached. However, now it looks like the ceasefire is over as both US and Iran once again start targeting each other’s military installations.
Following the latest escalation in tensions, US President Donald Trump said that the ceasefire deal with Iran is over and he also said that further engagement with Tehran is a waste of time. This comes as a severe blow to energy markets around the world who were hoping some normalcy will return with the reopening of Strait of Hormuz. Now, the future of the strait’s condition has once again become uncertain.
Donald Trump made this statement at the NATO Summit 2026 in Ankara, Turkey, where the US president said that negotiations with Tehran were a “waste of time.”
US President’s remarks came hours after the United States launched massive strikes on 80 Iranian locations in the port cities of Bandar Abbas and Sirik, as well as on Qeshm Island, in retaliation for what it said were Tehran’s attacks on ships in the Strait of Hormuz.
In response, Iran launched strikes on US assets in Gulf countries of Bahrain and Kuwait. The two countries have been repeatedly targeted by Iran during the ongoing conflict.
Trump has accused Iran of being dirty players and violating the peace agreement, while Iran says the same about United States. Which one of them is telling the truth is anyone’s guess.
However, one thing is certain, the rise in tensions in the region will once again impact the global trade. Hopefully, this time it won’t result in closure of the critical Strait of Hormuz else we are looking at another major spike in crude oil prices.
