Just weeks after agreeing to a 60-day framework aimed at ending months of conflict, the United States and Iran are once again exchanging military strikes, casting serious doubt over the future of the ceasefire. Renewed attacks around the Strait of Hormuz have heightened concerns over global energy supplies, shipping, and regional stability, while markets are reassessing the risk of a prolonged conflict. Has diplomacy run its course, or is there still a path back from a wider regional war?

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