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.

Lebanon Conflict Escalates

Israel has intensified attacks on Lebanon since the ceasefire was brokered, targeting Hezbollah sites in Beirut, the Bekaa Valley, Tyre, and Sidon. Lebanon’s health ministry reported hospitals were overwhelmed with casualties, with over 100 people killed on Wednesday. Israeli officials state the ceasefire agreement with Iran does not extend to military operations in Lebanon, contradicting statements from Pakistan’s prime minister, who brokered the deal.

Strait of Hormuz Dispute

The status of the Strait of Hormuz remains a point of contention. Iranian state media claims the strait remains closed, warning of retaliatory strikes if Israel continues bombing Lebanon. The White House has stated reports of the Strait being closed are false and demanded its immediate reopening, noting increased traffic on Wednesday. US Vice President Vance stated he believes Iran is reopening the strait, citing observed marine traffic.

Conflicting Reports on Ceasefire Terms

The terms of the ceasefire remain unclear. According to the broadcast, Iran initially proposed a 10-point plan that included continued uranium enrichment, a US military withdrawal from the region, reparations for war damages, and Iranian control of the Strait of Hormuz, potentially including tolls for vessels. President Trump reportedly dismissed this plan as “unserious” and “unacceptable,” and a condensed plan was presented to him. The White House Press Secretary, Caroline Levitt, stated the US red line remains the end of Iranian uranium enrichment.

Iranian leaders continue to assert the original points are still part of the plan. Vice President Vance acknowledged ceasefires are often fragile and take time to take effect, warning of “serious consequences” if Iran violates the agreement.

Economic Impact

The temporary ceasefire had an immediate impact on global markets. North American stock exchanges saw gains on Wednesday, with the New York Stock Exchange up 2.8% and the Toronto Stock Exchange up 1.1%. International energy prices decreased, with Brent crude and West Texas Intermediate trading in the $90 range. However, CBC’s Anis Haddari reported from Calgary that despite the drop, oil prices remain significantly higher than six months ago, and fuel costs are not expected to decrease substantially in the short term. He also noted that diesel and jet fuel prices remain high due to ongoing demand and supply constraints.