By Desmond Nleya
DUBAI- A fragile ceasefire between the United States and Iran has done little to ease rising tensions across the Gulf, as Iran’s Supreme Leader Mojtaba Khamenei declared that Washington had suffered a “disgraceful defeat” in the recent conflict.
In a strongly worded statement broadcast on state television, Khamenei emphasized that Iran would continue to defend its nuclear and missile programmes, describing them as vital national assets. He also issued a sharp warning against foreign presence in the region, stating that the future of the Gulf should be free from outside interference.
The remarks come as former US President Donald Trump weighs further measures against Tehran, including a potential blockade, while pushing for a renewed agreement on Iran’s strategic capabilities. At the same time, Washington is reportedly working to build a new international coalition to safeguard shipping routes through the critical Strait of Hormuz, which remains under significant Iranian control.
Beyond the immediate political tensions, the economic fallout is becoming increasingly evident. The near shutdown of the Strait of Hormuz — a vital corridor for roughly one-fifth of global oil and gas supply — has triggered a spike in energy prices, adding pressure to already fragile global markets.
In Europe, central banks are responding cautiously. The European Central Bank is expected to hold interest rates steady despite rising inflation driven by higher energy costs, while the Bank of England has downgraded its growth outlook, citing the broader impact of the Middle East crisis.
Meanwhile, tensions continue to spill over into neighboring regions. Lebanon has reported civilian casualties following Israeli strikes in the south, raising concerns about ongoing ceasefire violations. Lebanese President Joseph Aoun condemned the attacks, warning that continued aggression could destabilize the already fragile truce.
Elsewhere, German Chancellor Friedrich Merz called for a stronger and more reliable transatlantic alliance, highlighting divisions between Europe and the United States over the handling of the Iran conflict.
With diplomacy still uncertain and military tensions simmering, the region remains on edge, as global powers navigate a complex mix of security risks and economic consequences.
