Although the ceasefire in the Middle East conflict is formally in place, it is currently hanging by a thread due to recent attacks. Washington has bombed Iranian military facilities, Tehran has fired at US military installations in Kuwait, and Israel is increasing its military operations in Lebanon, the stronghold of the pro-Iranian militia Hezbollah.
Israeli attacks on Lebanon are precisely the reason Iran cites to denounce the ceasefire violation. But the ayatollah regime is not just denouncing it. The Tasnim agency has announced the suspension of peace negotiations until Netanyahu stops his offensive in Lebanese territory. This escalation of mutual attacks has already impacted the economy: the price of oil has surged by 5%. However, tensions could escalate further because, according to the same agency, the Resistance Front, which includes Iran and some of its neighbors, has threatened to completely close the Strait of Hormuz and block the Bab el Mandeb Strait.
Iran Considers Completely Closing the Strait of Hormuz and Blocking the Bab el Mandeb Strait
The Iranian news agency Tasnim reported on Monday that Tehran's negotiating team has suspended the exchange of messages with the United States through intermediaries.
The agency also stated that Iran and the Resistance Front, which includes its Shiite allies in Yemen, Lebanon, and Iraq, have devised a plan to completely block the Strait of Hormuz and activate other fronts, including the Bab el Mandeb Strait, to "punish" Israel and its supporters.
Oil Rises by Over 5% Due to Escalating Tensions Between the United States and Iran
Oil prices surged on Monday, driven by escalating tensions between the United States and Iran following the weekend's reciprocal attacks and disagreements between the two countries on the terms of an agreement to end the war.
By 3:30 PM (Spanish peninsular time), the price of a barrel of Brent North Sea crude for August delivery, whose quotation as a reference contract debuted that same day, rose by 4.92% to $95.60, briefly exceeding 5%. Its US equivalent, the West Texas Intermediate barrel for July delivery, rose by 5.94% to $92.55.