Israel, Iran appear to pause strikes after trading fire for first time since ceasefire

Israel and Iran appeared to de-escalate potential further strikes on Monday, following an exchange of fire that marked the first direct confrontation since a US-brokered ceasefire two months prior. Both nations issued warnings of readiness for retaliatory action if provoked, raising concerns about a potential escalation of conflict in the Middle East. This renewed hostility has already impacted the global economy, leading to increased energy prices and rising costs for essential goods. Efforts to solidify the April ceasefire into a permanent resolution have thus far been unsuccessful.