The United States and Iran have agreed to a temporary two-week ceasefire in the Middle East, in an attempt to curb the escalation of violence that began in late February. This agreement aims to reactivate diplomatic negotiations, with formal meetings scheduled in Pakistan to discuss economic sanctions and Iran’s controversial nuclear program.
Despite this pact, violence remains latent in the region. In Lebanon, Israel has intensified its operations against the Hezbollah group, leading to massive bombings in the south of the country and on the outskirts of Beirut. Vice President JD Vance described the ceasefire as ‘fragile,’ while the Iranian Revolutionary Guards have expressed their distrust towards Washington’s commitments.
The partial reopening of the Strait of Hormuz has allowed the transit of vessels after days of blockage, which has influenced international markets, causing a drop in crude oil prices. The International Maritime Organization is working on a mechanism to ensure navigation in this vital route, which accounts for nearly 20% of the world’s oil.
