Iran threatens to retaliate after US broke ceasefire with overnight strikes

The Islamic Revolutionary Guard Corps (IRGC) threatened to retaliate after the United States (US) carried out strikes on southern Iran in “self-defence,” CNN reported on Tuesday.  The IRGC also claimed that 25 vessels, including oil tankers, transited Hormuz during the “last day and night.”

Iran’s Foreign Ministry condemned the US attacks as a violation of a ceasefire that’s been in place since early April. Meanwhile, Iranian Supreme Leader Mojtaba Khamenei said that “nations and lands of the region will no longer be a shield for American bases."

The US and Iran are working toward a memorandum of understanding, but disputes over language concerning Iran’s nuclear program and sanctions have held up a deal.

One contentious issue under negotiation is Iran’s $24 billion in frozen assets, with Tehran wanting half that amount released upon the signing of an agreement, the semi-official Tasnim news agency reported.

Market reaction 

Crude oil prices attract some buyers following this headline. At the time of writing, the West Texas Intermediate (WTI) is up 2.92% on the day at $92.15.