U.S. Treasury Secretary Bessent declared the United States’ intention to « squash » Iran’s economy and bring about the collapse of its regime. This U.S.-Iran conflict began in February 2026 and continues without a ceasefire. Diplomatic negotiations between the two countries remain stalled, while the Strait of Hormuz remains a critical flashpoint in the conflict. Markets reflect a reduced probability of a final nuclear deal and reconstruction funding in any future agreement with Iran.
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