Iranian Parliament Speaker Mohammad Bagher Ghalibaf announced on June 10, 2026 the suspension of negotiations with the United States and designated American and Israeli assets as « legitimate targets » following Israeli airstrikes on Hezbollah positions in Beirut’s Dahiyeh suburb on June 7-8. This decision effectively closes the door on remaining diplomatic efforts and represents a major escalation in the regional crisis. The Strait of Hormuz, through which roughly 20% of global energy transit flows, is also at the center of tensions, with transit volumes falling to weekly lows by mid-August 2026. Oil prices surged sharply in March and June 2026, with risk premiums adding several dollars per barrel during tension spikes. Trump has claimed dominion over the Strait and demanded compensation from Iran, while Tehran has tied any resumption of transit to war reparations from the US and Israel.
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