The ceasefire is all but collapsed. This is the second day of hostilities between the US and Iran. The ceasefire has been fragile since April 8. The Strait of Hormuz remains effectively shut, with only a trickle of shipments according to the US. Qatar and Pakistan are key mediators.
President Trump said yesterday he will attack Iran for a second straight day because they have been dragging their feet to reach an MOU. The uptick in aggression leads us to think the fragility continues. Both sides maintain truce negotiations are underway.