Trump declares MOU 'over' after renewed strikes
President Donald Trump said the Memorandum of Understanding with Iran is 'over' following the latest exchange of military strikes, marking a collapse of the fragile ceasefire that had held for months. U.S. Central Command reported striking more than 80 Iranian targets in a wave of airstrikes, while Iran retaliated by firing on positions in three Gulf Arab states. The back-and-forth escalation has sent global oil markets into turmoil and drawn sharp reactions from European allies.
Iran threatens Strait of Hormuz closure
Tehran has again threatened to close the Strait of Hormuz, a chokepoint for roughly 20% of global oil shipments. The threat revived memories of previous confrontations and pushed crude prices higher. Analysts warn a sustained closure would trigger a global energy crisis, with the IMF already projecting world output growth would fall to 3% this year due to high commodity prices and geopolitical instability.
NATO summit overshadowed by conflict
The escalating U.S.-Iran confrontation dominated this week's NATO summit in Turkey, where Trump called for allies to increase defense spending and singled out Spain for trade retaliation over NATO funding. NATO Secretary-General Mark Rutte attempted to maintain alliance unity, but European leaders expressed concern over being dragged into a conflict they did not authorize.