usiranwarescalation

One of the biggest clashes since the ceasefire on April 8 happened between the US and Iran. The Iranian Islamic Revolutionary Guard Corps (IRGC) launched ballistic missiles and drones at neighboring Gulf states—Kuwait and Bahrain—on the night of Wednesday, June 3. According to Tehran, the targets were US military bases in the region.

The House of Representatives – the lower chamber of the U.S. Congress – has approved a resolution that prevents President Donald Trump from continuing the war with Iran without Congressional approval. For the first time, the lower house has pushed back against the White House's stance on this conflict, CBS News reported on Wednesday, June 3.

US President Donald Trump gave Israeli Prime Minister Benjamin Netanyahu a serious verbal smackdown over the breakdown of the ceasefire in the Middle East during a phone call. This was reported on Monday, June 1, by the American portal Axios citing sources. According to them, among other things, the Republican referred to the Israeli leader as "crazy."

On Tuesday, Brent oil prices are climbing after a dip at the start of the week. U.S. military operations in southern Iran and conflicting statements from Trump about the negotiations between Tehran and Washington continue to keep traders on edge, reports CNBC.
At 10:45 AM London time, July futures for the benchmark international brand Brent surged by 3.4%, reaching $99.39 per barrel. Meanwhile, July futures for American WTI crude traded at $92.85 per barrel, down 3.9% compared to Friday's close (trading for WTI was halted on Monday due to the Memorial Day holiday in the USA).

The ceasefire between the U.S. and Iran remains intact, despite the U.S. military's strikes on missile installations and boats in the southern part of the country near the Strait of Hormuz on the night of Tuesday, April 26. This was reported by Fox News citing two sources.
According to another source from the channel, during the attack, the U.S. military took out two IRGC boats that were trying to lay mines in the Strait of Hormuz. He also noted that the strike on the missile installation came after it locked onto U.S. military aircraft.

Oil prices surged during early Asian trading on Tuesday following reports of new US strikes on Iran, overshadowing hopes for a quick deal to open the Strait of Hormuz.
Brent crude futures for July delivery opened up nearly 2%, hitting $97.84 per barrel at 03:03 Moscow time, while West Texas Intermediate (WTI) futures increased by 1.2% to $91.40 per barrel. WTI futures were not traded on Monday due to the holiday in US markets.

US military conducted strikes on locations in southern Iran "in self-defense", including rocket launch sites and vessels trying to lay mines, stated CENTCOM spokesperson Tim Hawkins.
CENTCOM, the Central Command of the US Armed Forces, reported on the night of Tuesday, May 26, that the American military executed strikes on targets in southern Iran, including rocket launch sites and vessels attempting to lay mines.

On Tuesday, May 19, the U.S. Senate pushed for a full vote on a resolution that would require President Donald Trump to either cease all military actions against Iran or obtain official congressional approval to use force. If the resolution passes, Trump would need to sync up with Congress for any future military maneuvers in Iran, according to CNN.

Iran warned that it would retaliate beyond the Middle East if the US or Israel resumes attacks against it, following further threats from US President Donald Trump, according to Bloomberg.
Late Tuesday evening, May 19, Trump stated that he might order a new series of strikes on Iran in the coming days in an attempt to force Tehran to make concessions regarding its nuclear program and reopen the Strait of Hormuz.

Wheat futures are gearing up to break the longest losing streak since January, as traders returning from the long weekend in the U.S. react to news of progress in negotiations to end the Middle East conflict. This is reported by Bloomberg.
The most liquid wheat futures in Chicago have dropped in price by 1.6%, marking the fourth consecutive session of decline. Soybean and corn futures are also trading in the red.

Gold prices dipped during Asian trading on Tuesday after new US strikes on Iran undermined the recent optimism about a potential peace deal between the two countries.
The dollar has stabilized, while oil prices rebounded on Tuesday following news of American strikes, which put pressure on gold and interrupted the recent rally in precious metals.

US President Donald Trump announced that he has postponed the "planned military strike on the Islamic Republic of Iran," as stated by the head of the White House, which was set for May 19. The American leader posted this on the social media platform Truth Social on Monday, May 18.
According to Trump, he was asked to back off from the strike by the Emir of Qatar Sheikh Tamim bin Hamad Al Thani, the Crown Prince and Prime Minister of Saudi Arabia Mohammed bin Salman Al Saud, and the President of the United Arab Emirates Sheikh Mohammed bin Zayed Al Nahyan.

Oil futures have dipped after Iranian media reported that Washington has offered Tehran a temporary exemption from sanctions on Iranian oil, Bloomberg reports. This is one of Tehran's key demands for reaching a peace agreement and reopening the Strait of Hormuz, the agency explains. Additionally, government bonds have rallied—following a massive sell-off of bonds worldwide amid fears that inflation will force central banks to raise interest rates, the agency adds.

Iran has launched a Bitcoin-based insurance service for shipping companies passing through the Strait of Hormuz, reported on Monday by the semi-official Fars news agency, citing documents from the country's Ministry of Economy and Finance.
The service, called Hormuz Safe, could generate over $10 billion in revenue for Iran, according to Fars, although no timelines or operational details were provided.

Israel and the USA are ramping up military preparations for a possible coordinated strike on Iran as soon as next week. This is reported by The Times of Israel, citing Middle Eastern and American officials.
The strategic escalation follows a diplomatic deadlock in negotiations mediated by Pakistan and supported by China. The talks have hit a wall due to technical disagreements over Tehran's underground nuclear program and long-term control of the strategically vital Strait of Hormuz.

The USA has taken out over 90% of around 8,000 naval mines from Iran through more than 700 airstrikes, reported US Central Command Commander Admiral Brad Cooper to legislators on Thursday. The written statement didn't touch on the ongoing control Tehran has over the Strait of Hormuz.

The official statements from US authorities claiming that Iran has been militarily crushed contradict the intel from American intelligence. According to their data, the Islamic Republic still has control over about 70% of its mobile launchers within the country and has retained around 70% of its pre-war missile arsenal, reports The New York Times on its site on Tuesday, May 12.

The United Arab Emirates (UAE) have been taking military hits against Iran, responding to attacks from the Islamic Republic, as reported on Monday, May 11, by the online publication The Wall Street Journal citing informed sources. It’s indicated that in this situation, the country, on whose territory the Islamic Republic has repeatedly struck, is emerging as an active player in the war.

US President Donald Trump called Iran's response to Washington's latest proposal to end the war "completely unacceptable." "I just read the response from the so-called 'representatives of Iran.' I don't like it - it’s absolutely unacceptable!" - the US president posted on the social network Truth Social on Sunday, May 10.