10/07/2026 03:17 - Internacionales
On July 8, 2026, during the NATO summit in Ankara, Turkey, US President Donald Trump declared that the memorandum of understanding with Iran was over. The US leader referred to Iranian officials as crazy and a waste of time, expressing frustration over Iranian attacks that occurred while he was gathering world leaders. The truce, agreed upon in April and formalized in June, aimed to lay the groundwork for ending the hostilities that began on February 28, 2026. However, both sides accuse each other of breaching the agreement. (For context, a memorandum of understanding is a non-binding agreement between nations indicating an intended common line of action).
The United States launched a new wave of bombings hitting 90 military targets in Iran. Most of these were concentrated on the southern coast, along the strategic Strait of Hormuz. According to the US Central Command (CENTCOM)—the unified command responsible for the Middle East—the targets included air defense systems, radars, anti-ship missiles, and dozens of small vessels. Washington also reimposed sanctions on Iranian oil, revoking a temporary license agreed upon during the truce.
Iran wasted no time in repelling the aggression. The Islamic Revolutionary Guard Corps (IRGC), a branch of the Iranian Armed Forces independent of the regular army, reported attacking 85 US military targets in the neighboring countries of Kuwait and Bahrain. Both countries activated warning sirens due to the imminent threat. The retaliation coincides with the funeral of Ayatollah Ali Khamenei, who died on February 28, 2026 during the joint operation that triggered the war.
The center of the strategic dispute is the Strait of Hormuz, a narrow channel between the Persian Gulf and the Gulf of Oman, through which 20% of global oil passes in times of peace. Currently, it is estimated that 6,000 sailors are blocked in the Gulf. Experts note that the IRGC, which controls Iran's missile arsenal, has little interest in an agreement that would satisfy Washington.
This scenario of uncertainty has generated volatility in energy markets. The Brent crude barrel—the European benchmark oil price—recorded a rise of 5.21% on July 8, 2026, reaching $78.02. However, according to international agencies cited by Argentine media Infobae, the market remains hopeful for a potential resumption of peace talks. Consequently, by July 10, Brent stabilized at $76.53 after a slight rebound of 0.30%, offering a glimmer of hope for economic stability.
While the UN, Qatar, and Pakistan are demanding a de-escalation of the conflict, Trump faces mounting internal pressure. The upcoming US midterm elections in November, combined with discontent even within the MAGA movement and among Republican lawmakers, add a factor of instability to the largest oil supply crisis in history. There is optimism that diplomatic efforts will prevail and a peaceful resolution can be reached.
Alfredo S. Quiroga
