Iran suspends US MoU commitments amid Gulf strikes

Iran has formally suspended its commitments under a diplomatic memorandum of understanding with the United States, declaring the agreement dead amid a week of escalating military strikes that have expanded across the Persian Gulf region and triggered a sharp decline in global cryptocurrency markets. The collapse of the deal, signed on June, has reignited hostilities centered on the strategic Strait of Hormuz, with both sides exchanging attacks on military and civilian infrastructure.

Iranian Deputy Foreign Minister Kazem Gharibabadi announced the suspension on July, stating that the United States had first violated and suspended all its commitments under the agreement. Gharibabadi said Iran is now focused on defending the country and that there is no news of negotiations. The memorandum, brokered with Pakistan and Qatar serving as mediators, was designed to de-escalate tensions in the Strait of Hormuz and opened a 60-day window for talks on Iran's nuclear program and potential sanctions relief.

The diplomatic breakdown has been accompanied by a severe military escalation, now in its seventh consecutive day. The United States has conducted nightly strikes targeting what it...