The fragile truce reached between the United States and Iran a few weeks ago appears to have broken down completely after attacks on commercial convoys in the Strait of Hormuz by Iran were confirmed this weekend, whilst the Iranians accused the United States of having struck first.
Iran is also following through on its earlier threat to attack neighbouring countries hosting US bases. It has been reported that, less than two hours ago, Sana'a Airport (Yemen) rendered one of its runways unusable to prevent an Iranian aircraft from landing. There are also reports from the Bahrain Defence Forces, which have stated that their air defence systems intercepted and destroyed several Iranian missile and drone attacks early this morning.
The consequences of the resumption of the conflict have been immediate: shipping through the Strait of Hormuz has virtually ground to a halt once again, and energy markets believe the energy crisis will flare up again, although in this case "it seems the consensus remains that there will be a deal on the table, although, of course, the timing of such a deal is much more uncertain this morning", Jane Foley, head of currency strategy at the Dutch bank Rabobank, told Reuters.