Tensions between Iran and the United States have eased after Iran chose not to attack U.S. allies, on the condition that the U.S. does not bomb Iran. This de-escalation follows joint American and Israeli strikes against Iran. A ceasefire and framework agreement process has been initiated, although the situation remains tense with sporadic hostilities. Markets now price the likelihood of European military action against Iran at 2.9% by end of July and 6% by end of August.
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