OTTAWA – A two-week ceasefire between the United States and Iran is experiencing instability, with reports of continued attacks despite the agreement, according to a CBC News broadcast on Wednesday.

Strait of Hormuz Dispute

The US government stated that reports of the Strait of Hormuz being closed to oil traffic are false, countering claims made by Iranian state media. The White House demanded the immediate reopening of the strait, asserting that traffic had increased on Wednesday. However, the situation remains unclear, with the US acknowledging the strait is currently not fully operational.

Lebanon as a Sticking Point

The ceasefire’s future is further complicated by disagreements over Lebanon. Iran and Pakistan, mediating the talks, insist Lebanon should be off-limits to military action, while Israel continues its bombing campaign there. The US and Israel maintain that the situation in Lebanon is not part of their agreement with Iran.

Nuclear Concerns and Potential Action

The broadcast highlighted concerns about Iran’s possession of hundreds of pounds of enriched uranium. The US Secretary of War stated that the US would seek to retrieve the material, either through diplomatic means or, if necessary, through military action, referencing past operations like “Midnight Hammer.”

Upcoming Negotiations

In-person talks between US and Iranian representatives are planned for this weekend in Islamabad, Pakistan. J.D. Vance will lead the US negotiating team, including Jared Kushner, and will meet with Iranian counterparts to seek a long-term peace agreement.

Regional Reactions

Meena Al-Oraibi, editor-in-chief of The National in Abu Dhabi, told CBC News that while the ceasefire is a step towards de-escalation, it remains “incredibly fragile.” She reported that the UAE has intercepted numerous missiles and drones since the ceasefire announcement, along with similar reports from Kuwait and Bahrain. Al-Oraibi also expressed concern that the ceasefire could allow Iran to gain leverage over the Strait of Hormuz.

Economic Impact

The temporary ceasefire had an immediate impact on global markets. According to CBC’s Anis Haddari, North American stock markets saw significant gains, driven by a drop in international oil prices. Brent crude and West Texas Intermediate prices fell into the $90 range. However, Haddari cautioned that fuel prices remain elevated compared to six months ago and that a full return to pre-conflict prices is unlikely in the short term. Gas prices in Ottawa were reported at $1.856 per litre, approximately 30 cents higher than last month.