US-Iran Ceasefire Expires With No Off-Ramp; Iran Threatens Hormuz Offensive

A 60-day US-Iran ceasefire expired August 18 with no diplomatic or military off-ramp. Tehran threatened a new offensive in the Strait of Hormuz — a chokepoint for roughly a fifth of global oil consumption — if diplomacy fails. Washington ruled out extending the ceasefire. The conflict began in late February when the US and Israel launched military operations against Iran.