The recent US-Iran strikes have reignited tensions and raised concerns about the potential for all-out war in the Middle East. The US military's Central Command (CENTCOM) launched strikes on over 80 targets in Iran, citing retaliation for attacks on commercial vessels in the Strait of Hormuz. This escalation comes as peace talks between the two countries were ongoing, amid the funeral of Iranian Supreme Leader Ayatollah Ali Khamenei. The strikes have had a significant impact on global markets, with oil prices surging and European stocks falling. Iran's Islamic Revolutionary Guard Corps (IRGC) responded by targeting US assets in neighboring countries, leading to a cycle of retaliation and counter-retaliation. The situation has thrown the peace talks into uncertainty, with President Trump suggesting the memorandum of understanding (MoU) with Iran is 'over'. The reimposition of sanctions on Iranian oil further exacerbates the economic tensions. The US and Iran's actions have drawn strong reactions from other countries and organizations, with NATO Secretary-General Mark Rutte backing the US response, while the Gulf Cooperation Council (GCC) and other Gulf states strongly condemned Iran's attacks. The region's stability hangs in the balance as both sides continue to engage in a tense standoff, leaving the world watching with bated breath.
