Iran and Israel bomb each other: Is the ceasefire over?

Iranian state media reported overnight strikes on the Sayyad military site south of Tehran and a radar installation near Isfahan, while air-defence systems were triggered across the west of the country. The Israel Defense Forces said its operation aimed to "neutralise specific strategic threats," and Iran's Revolutionary Guard Corps (IRGC) said it had retaliated with a limited number of ballistic missiles targeting Haifa's industrial zone and the southern outskirts of Tel Aviv.

The framework of the U.S.-brokered ceasefire announced 48 hours earlier has been thrown into question. A White House spokesperson said on Monday morning that the president's national security team was in direct contact with Qatar and Oman and that the channels were being "kept permanently open." EU High Representative Kaja Kallas described the development as "an extremely serious escalation" and called for an emergency ministerial meeting.

The UN Secretary-General said he would convey an urgent session request to the Security Council on Monday. In oil markets, Brent rose 3% on the strikes before easing back to around $80 a barrel during the morning as restraint signals returned. Parts of Kazakh, Lebanese and Iraqi airspace were temporarily closed as a precaution; tanker insurance premiums in the Hormuz corridor rose another 7%. This article is not investment advice.