US-Iran Ceasefire Collapses, Raising Stakes for Global Energy Markets

A 60-day US-Iran ceasefire deal expired August 18, 2026, after fighting resumed. Agreed in June, the Memorandum of Understanding aimed to reopen the Strait of Hormuz — a chokepoint carrying a fifth of global oil and LNG shipments — and negotiate a final settlement. Little progress was made. Iran now signals offensive operations; Trump claims Iran was defeated.