While a temporary reprieve in the six-week-old Middle East conflict appeared within reach following a two-week ceasefire agreement between Iran and the United States, continued Israeli strikes in Lebanon have cast a dark shadow over the deal's future.

The ceasefire was struck just hours before a deadline set by U.S. President Donald Trump, who had warned of devastating consequences for Iranian "civilization" if a deal to halt hostilities and reopen the Strait of Hormuz was not reached by Tuesday night. Pakistan reportedly played a pivotal role as the primary mediator in securing the pause.

Economic Relief Tempered by Violence
The announcement of the two-week truce brought immediate relief to global markets:

Oil Prices: Crude oil plummeted from a peak of nearly $120 per barrel to $92 following the news.

Stock Markets: Global indices saw a significant rebound as supply chain fears eased.

However, this optimism is being tested. Mediator nations, including Pakistan, have expressed outrage over ongoing Israeli military actions. According to reports, Israeli forces killed 254 people in Lebanon by Wednesday night, despite the formal ceasefire period having begun.

Escalation in Lebanon
Wednesday marked some of the heaviest bombardments in Lebanon since the war’s onset. Witnesses reported a staggering 100 airstrikes in just 10 minutes targeting Beirut and surrounding areas.

Imran Riza, a UN official in Lebanon, stated that the scale of casualties has completely overwhelmed the Lebanese healthcare system's capacity to respond. Sources told Al Jazeera that if these attacks persist, Iran is considering withdrawing from the agreement and resuming strikes against Israel.

Uncertainty in the Strait of Hormuz
The status of the world’s most vital energy artery remains contested:

• BBC reports, citing Iranian state media, that the Strait of Hormuz remains closed.
• AFP reports, via the IRGC, that only specific alternative routes are currently open for maritime traffic.

A Fragile Peace
Experts warn that the peace process is on the brink of collapse. Abas Aslani, a researcher at the Center for Middle East Strategic Studies, noted that Israel has a history of breaking truces to strike Lebanon, citing events in 2024.

"Tehran wants a permanent end to these actions," Aslani remarked. "If Israeli attacks continue during this window, Tehran may walk away from the negotiating table, potentially collapsing the entire peace initiative."
Source: Al Jazeera