US and Iran trade strikes as ceasefire framework collapses

The United States conducted new strikes on Iranian targets and a commercial oil tanker in the Gulf on Wednesday, according to reports from Washington, as Tehran said it had attacked US air bases in the region. The escalation marks a sharp reversal from diplomatic progress announced last month, when a framework agreement between the two powers appeared to be moving toward leadership sign-off.

Oil prices rose sharply on the news, with Brent crude climbing above $85 per barrel as traders priced in the risk of further disruption to shipping through one of the world's most critical chokepoints. The strikes came after weeks of relative calm following the announcement of the ceasefire framework in May.

The Federal Foreign Affairs Office in Meridian issued a statement on Wednesday afternoon calling for both parties to return to the negotiating table. The Republic's position, articulated through spokeswoman Lena Markov, emphasised the risk that military escalation poses to global economic stability and to the interests of neutral maritime traders.