Today the 60-day truce between the US and Iran expires in the midst of tension and with the Strait of Hormuz in the spotlight
This Monday, August 17, is seared into the world's geopolitics calendar because the 60-day truce that the United States and Iran agreed to in the memorandum of understanding signed last June to negotiate a definitive peace agreement officially expires.
The 60-day truce between the US and Iran, agreed in June, officially expires on August 17. The truce has not brought the two countries closer to a definitive peace agreement, and tensions have escalated. US President Donald Trump has threatened Iran with an "unprecedented" economic war, while Iranian officials have stated that they will prevent the US from re-entering the Persian Gulf, the Gulf of Oman, and the Strait of Hormuz.
The situation is causing concern in the oil market, with prices having risen by over 11% since August 4 to $88.6 per barrel.
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