US President Donald Trump has declared the ceasefire with Iran "over" following fresh fighting between the two nations.
The confrontation was triggered by Iranian attacks on commercial vessels navigating the Strait of Hormuz, a critical global energy transit route.
This marks a sharp deterioration in diplomatic relations, moving beyond previous warnings that the truce was "on life support" to an outright termination of the agreement.
The development poses an immediate threat to global energy supply chains.
The Strait of Hormuz handles a significant portion of the world's oil and liquefied natural gas exports.
Any sustained disruption to shipping lanes in the region would likely trigger a sharp repricing in Brent crude and WTI benchmarks, as markets factor in the risk of physical supply constraints.