Historical Genesis: From the Twelve-Day War to the Outbreak of the 2026 Conflict
The contemporary security architecture of West Asia is defined by a highly unstable, multi-layered conflict system that escalated rapidly from a series of localised confrontations into a full-scale regional war1. To understand the fragility of the current ceasefire, the geopolitical trajectory must be traced back to the collapse of the June 2025 Twelve-Day War ceasefire3. Brokered under the joint mediation of the United States and Qatar, the 2025 truce went into effect on June 24, following a highly structured 24-hour wind-down sequence3. Under those terms, Iran initiated a complete cessation of hostilities, followed twelve hours later by Israel, in a sequenced mechanism designed to bring an official end to the twelve days of intense kinetic exchanges3.
However, the structural defects of the 2025 ceasefire became apparent almost immediately3. In the opening hours of the truce, Iranian air defences in Tehran engaged active targets, and the Islamic Revolutionary Guard Corps (IRGC) launched three successive salvos of ballistic missiles toward Beersheba3. Although Israeli defences successfully intercepted two additional Iranian missiles over Northern Israel later that morning, the truce managed to persist in a highly degraded state3. Prime Minister Benjamin Netanyahu heralded the campaign—codenamed Operation Rising Lion by Israel and supported by the joint US-Israeli Operation Midnight Hammer—as a “historic victory” that had successfully neutralised Iran’s immediate ballistic missile and nuclear enrichment ambitions2. On June 27, 2025, Israeli Defence Minister Israel Katz issued a stern enforcement plan, warning that the ceasefire would remain valid only as long as Tehran refrained from reconstituting its nuclear cascades or ballistic missile infrastructure3.
Independent military assessments, including a comprehensive study by the Institute for the Study of War (ISW), concluded that while the 2025 strikes severely damaged Iran’s enrichment capacity by destroying thousands of gas centrifuges at Natanz, Fordow, and Isfahan, the operations were strictly cost-imposing measures3. They did not systematically target the domestic security apparatus or attempt to topple the clerical regime3. Consequently, the strategic deterrence established in mid-2025 was fundamentally temporary6.
The geopolitical balance deteriorated further in January 2026, when severe economic mismanagement, infrastructure failures, and hyperinflation triggered the largest domestic protests in Iran since the 1979 Islamic Revolution7. The Iranian government responded with extreme domestic repression, utilising lethal force to suppress the demonstrations and killing thousands of protesters7. In response to the state-sponsored violence, US President Donald Trump ordered the largest military buildup in the Persian Gulf since the 2003 invasion of Iraq8. Though indirect negotiations briefly opened in mid-February to establish a nuclear settlement, the intense regional friction and the deployment of massive US naval assets created a highly volatile environment8. Citing the imminent threat of Iranian retaliation and a determination to permanently dismantle Tehran’s nuclear program, the Trump administration launched a preemptive joint military campaign with Israel on February 28, 2026, officially initiating the 2026 Iran War, or the Third Gulf War2.
Operation Epic Fury: Strategic Execution, Allied Support, and System-Level Degradation
Codenamed Operation Epic Fury by the United States and Operation Roaring Lion by Israel, the joint military campaign began midmorning on February 28, 2026, with an overwhelming wave of nearly 900 strikes executed in the first twelve hours2. The primary operational objective was to execute a rapid, decisive decapitation of Iran’s political-military leadership while simultaneously neutralising its offensive missile infrastructure, air defences, and naval assets4.
The initial wave successfully targeted and killed Supreme Leader Ayatollah Ali Khamenei before he could relocate to a secure bunker facility2. The opening strikes also eliminated key military leaders, including IRGC Commander Hossein Salami, Armed Forces Chief of Staff Mohammad Bagheri, and Aerospace Force Commander Amir Ali Hajizadeh13. While Ali Larijani, the secretary of the Supreme National Security Council, was widely believed to have assumed de facto leadership of the state in the immediate aftermath of Khamenei’s death, he too was assassinated in subsequent waves of strikes on February 288.
Despite the high precision of the strikes, the campaign incurred catastrophic civilian casualties8. On the first day of operations, a US missile targeting an IRGC naval base in Minab, near Bandar Abbas, struck the adjacent Shajareh Tayyebeh Elementary School9. The resulting structural collapse killed 156 civilians, including 120 schoolgirls, 26 female teachers, and several parents, generating widespread international condemnation and fueling a wave of fierce nationalist solidarity within Iran15.
The execution of Operation Epic Fury relied heavily on access to a broad network of European and regional military installations17. NATO Secretary-General Mark Rutte publicly revealed that the Italian government had permitted more than 500 US combat aircraft to launch sorties from bases on Italian soil17. This revelation triggered a severe political crisis in Rome for Prime Minister Giorgia Meloni, who had previously assured parliament that Italy had neither supported nor participated in the military campaign against Iran17. While Italian Defence Minister Guido Crosetto defended the government by asserting that only non-kinetic, logistical activities were authorised under strict historical protocols, opposition parties demanded formal investigations into the covert utilisation of Italian airspace17.
| Launch / Support Base | Host Nation | Operational Role in Operation Epic Fury | Political & Diplomatic Fallout |
| Aviano & Sigonella[cite: 17] | Italy17 | Hosted over 500 US combat aircraft sorties; served as a major logistical hub17. | Triggered severe domestic backlash for PM Meloni; opposition demanded parliamentary clarification17. |
| Akrotiri[cite: 7, 8] | United Kingdom (Cyprus)7 | Deployed RAF defensive assets; served as a key regional monitoring station7. | Targeted directly by an Iranian retaliatory drone strike, prompting European troop deployments7. |
| Sigonella (Refuelling)[cite: 17] | Italy17 | Refuelling requested by US warplanes bound for the theater17. | Authorisation explicitly refused by the Italian defence ministry under decade-old protocols17. |
| Kuwait, Bahrain, & Qatar Bases[cite: 7, 11] | Gulf States7 | Housed US CENTCOM forces, logistical infrastructure, and air defence batteries7. | Suffered extensive damage from Iranian ballistic missile and drone retaliatory strikes7. |
On the strategic nuclear front, Operation Epic Fury focused heavily on entombed facilities5. US B-2 stealth bombers and Tomahawk cruise missiles targeted the highly fortified nuclear sites at Fordow, Natanz, and Isfahan5. Nuclear expert David Albright assessed that the campaign successfully degraded 90% of Iran’s defence industrial base, effectively neutralising its centrifuge manufacturing capabilities5. At Fordow, high-yield bunker-buster munitions penetrated the mountain ventilation shafts, crushing the uranium enrichment cylinders and entombing the complex, rendering it a highly toxic nuclear waste site5. Strikingly, US intelligence opted to bypass the Pickaxe Mountain underground facility near Natanz, judging that the physical progress at the site did not yet warrant the expenditure of scarce strategic munitions5.
Despite these tactical successes, the US Air Force’s regional operational capacity was severely degraded, suffering at least 42 aircraft lost or damaged over the course of the 38-day intensive campaign12.
U.S. Aircraft Losses During Operation Epic Fury:
| Aircraft Type | Loss/Damage Detail |
| F-15E Strike Eagle | 4 lost (3 by friendly fire from Kuwaiti air defences,1 shot down by Iranian surface-to-air missiles) |
| A-10 Thunderbolt II | 1 shot down over Iranian territory during close support |
| F-35A Lightning II | 1 was severely damaged by shrapnel during ground strikes |
| E-3 Sentry (AWACS) | 1 destroyed on the ground during a rocket attack |
| KC-135 Stratotanker | 2 lost over Iraq (1 made an emergency landing, 1 crashed, killing 6 crew members due to remote vision issues) |
| AH-64 Apache | 1 downed by an Iranian drone; pilots successfully rescued by combat search and rescue forces |
| MQ-9 Reaper (UAV) | Multiple unarmed platforms lost over high-threat airspace |
The extensive loss of high-demand airframes—particularly the aging E-3 Sentry and strategic refuelers—strained the US military maintenance infrastructure, forcing the Pentagon to submit an emergency supplemental budget request to Congress totalling $67 billion to cover immediate operational and repair costs20.
The Humanitarian and Material Ledger of the 2026 War
The kinetic phase of the 2026 war, often characterised as the “Third Gulf War,” generated unprecedented casualties, physical destruction, and macroeconomic volatility across the global energy grid2. The conflict expanded far beyond the borders of Iran and Israel, engulfing neighbouring Arab states that hosted Western forces or sought to maintain transit routes through the Strait of Hormuz2.
The closing of the Strait by the IRGC Navy disrupted approximately 20% of the global oil and gas supply, causing Brent crude prices to skyrocket to $106 per barrel by mid-March21. For import-dependent economies, particularly in Asia and South America, the resulting inflationary pressure and spike in maritime insurance rates threatened to trigger a deep global recession6.
To capture the physical and human scale of the 2026 conflict, the following statistics represent the compiled assessments of regional governments, the United Nations Interim Force in Lebanon (UNIFIL), and independent monitors such as the Human Rights Activists News Agency (HRANA)2:
| Country / Actor | Personnel Killed | Civilians Killed | Wounded / Injured | Infrastructure & Strategic Assets Destroyed / Damaged |
| Iran (Official / HRANA)[cite: 2] | 1,2212 | 1,7012 | 26,5002 | 190+ ballistic missile launchers; 155 naval vessels; 90% of defense industrial base2. |
| Iran (US/Israeli Est.)[cite: 2] | 6,000+2 | Unknown | 15,0002 | Systematic destruction of Fordow, Isfahan, and Natanz enrichment cascades5. |
| Lebanon (Total)[cite: 2] | Unknown | Unknown | 12,1902 | Massive destruction of civilian areas, al-Qard al-Hassan offices, and bridges23. |
| Lebanese Citizens[cite: 22] | 4,175 (unclassified military/civilian)22 | Included in total | Unknown | Over 1.2 million individuals are internally displaced (18% of the total population)22. |
| Hezbollah (Militia)[cite: 2, 8] | 1,000 to 2,5002 | N/A | Unknown | Depletion of short-range rocket stockpiles and command centres in Beirut23. |
| United States[cite: 2, 8] | 15 to 162 | 0 | 520 to 5432 | 17 military installations damaged ($800 million loss); at least 42 aircraft lost/damaged8. |
| Israel[cite: 2, 8] | 402 | 23 to 282 | 6,594 to 9,1612 | Significant municipal damage in northern communities and military border bases1. |
| United Arab Emirates[cite: 2, 8] | 22 | 112 | 217 to 2272 | Drone and missile strikes on commercial ports and logistics hubs11. |
| Kuwait[cite: 2] | 42 | 72 | 182 (78 military, 104 civilian)2 | Intercepted 178 ballistic missiles and 354 drones; suffered airfield damage21. |
| Saudi Arabia[cite: 2] | 0 | 32 | 232 | Strikes on water desalination plants and state-owned oil production facilities26. |
| Iraq (Regular Forces)[cite: 2] | 262 | 232 | 1802 | Border installations and local tracking radar networks2. |
| UNIFIL (Peacekeepers)[cite: 1, 2] | 72 | 0 | 152 | Southern Lebanon observation posts and armoured patrol vehicles1. |
Beyond the immediate theatre, the strategic costs extended to globalised supply chains21. Flight corridors across West Asia were completely closed, paralysing the aviation and tourism sectors8. Security risks in Cyprus escalated dramatically following an Iranian-aligned drone attack on the UK’s Akrotiri military base, forcing several European states to preemptively deploy rapid-reaction forces to protect their Mediterranean logistics7.
The Islamabad Memorandum: The 14-Point Diplomatic Architecture
By June 2026, the combination of mounting daily economic costs, the complete disruption of commercial traffic through the Strait of Hormuz, and a military stalemate forced the United States and Iran back to the negotiating table28. Under the mediation of Pakistan, Qatar, Turkey, Egypt, and Saudi Arabia, the two nations drafted a transitional framework to halt the conflict14.
On June 17, 2026, President Donald Trump and Iranian President Masoud Pezeshkian remotely signed the Islamabad Memorandum of Understanding between the United States of America and the Islamic Republic of Iran29. Trump signed the document at the Palace of Versailles during a formal dinner with French President Emmanuel Macron, while Pezeshkian signed concurrently in Tehran, with Pakistani Prime Minister Shehbaz Sharif formally endorsing the text as the official mediator on June 1826.
The 14 Articles of the Islamabad Memorandum:
1. Cessation of Hostilities: Immediate, permanent termination of military strikes on all fronts, including Lebanon [cite: 31, 32].
2. Sovereign Equality: Explicit commitment to respect territorial integrity and refrain from internal interference [cite: 31, 32].
3. Treaty Window: Establishment of a compressed 60-day period to negotiate a permanent regional peace treaty [cite: 31, 32].
4. Blockade Removal: U.S. to lift its naval blockade within 30 days and withdraw forces from the Iranian littoral [cite: 31, 32].
5. Hormuz Open Passage: Iran to guarantee safe, toll-free passage for commercial vessels for exactly 60 days [cite: 29, 32].
6. Development Fund: Commitment to develop a $300 billion private-sector-funded Iranian reconstruction plan [cite: 32, 33].
7. Sanctions Relief: Progressive schedule to terminate all unilateral, primary, secondary, and UN Security Council sanctions [cite: 32].
8. Proliferation Commitments: Iran reaffirms NPT obligations, agreeing to down-blend highly enriched uranium to reactor-grade [cite: 6, 33].
9. Strategic Status Quo: Both sides freeze military movements; U.S. commits to zero new sanctions or force deployments [cite: 32].
10. Oil Export Waivers: Immediate issuance of U.S. Treasury licenses to permit the global sale of Iranian crude oil [cite: 32, 34].
11. Unfreezing Assets: Releasing restricted Iranian capital in offshore accounts in a structured, multi-tranche mechanism [cite: 29, 33].
12. Bilateral Engagement: Creation of direct, technical-level working groups to resolve remaining nuclear files [cite: 35].
13. Phased Execution: Immediate execution of Articles 1, 4, 5, 10, and 11, with subsequent negotiations on other paragraphs [cite: 29, 36].
14. Binding UNSC Ratification: Final, permanent treaty to be formally endorsed by a binding UN Security Council resolution [cite: 35, 36].
To give immediate legal effect to Article 10 of the memorandum, the United States Office of Foreign Assets Control (OFAC) issued Iran General License X on June 22, 202637. This license authorised global financial institutions, insurers, and maritime transporters to process and support shipments of Iranian crude oil, petroleum products, and petrochemical derivatives37.
This immediate waiver allowed Iran to market its energy resources, restoring a massive revenue stream and granting Tehran immediate access to $20 billion in hard currency29. This sum was divided into $12 billion in unfrozen foreign reserves and $8 billion in rapid-onset oil revenues, effectively bypassing the European Union and United Kingdom sanctions that officially remained in force30.
However, the strategic compromise generated intense criticism from conservative defence analysts38. The Islamabad MoU was heavily criticised for failing to place any restrictions on Iran’s ballistic missile program or its regional support for non-state armed groups, such as the Houthis in Yemen or the Popular Mobilisation Forces in Iraq30. Critics accused President Trump of abandoning his primary war aims38. Trump defended the omission by arguing that it was “unfair” to deny Iran defensive missiles while neighbouring states retained equivalent offensive capabilities30.
Furthermore, the $300 billion reconstruction program—which Vice President JD Vance claimed would be funded by a “Gulf Coast Coalition” of wealthy GCC states—provoked deep resentment in Riyadh and Abu Dhabi, as those nations were expected to subsidise the economic recovery of their primary regional rival26.
The Strategic Rift in Lebanon: Opposing Peace Tracks and the Risk of Civil War
While the Islamabad MoU sought to establish a broad, regional de-escalation framework, it directly collided with the security priorities of Israel and the sovereign government of Lebanon39. The conflict in Lebanon had reignited on March 2, 2026, when Hezbollah launched a massive wave of more than 1,300 rockets and drones into northern Israel in retaliation for the assassination of Ali Khamenei1.
Israel responded by launching a ground invasion of southern Lebanon, establishing a 10-kilometre security zone along the “Yellow Line” and carrying out daily precision strikes against Hezbollah figures1. This campaign culminated in Operation Eternal Darkness on April 8, 2026, during which 100 Israeli warplanes launched 100 airstrikes in just ten minutes across southern Lebanon and Beirut, killing 350 people—including Ali Yusuf Harshi, the secretary to Hezbollah’s leadership—and wounding over 1,20042.
To halt the devastation, a series of fragile, US-mediated ceasefires were negotiated between the Lebanese government under President Joseph Aoun and Prime Minister Nawaf Salam, and the Israeli government22. An initial 10-day truce effective on April 16 was followed by successive extensions on April 23 and May 15, culminating in a June 1 agreement in which Israel committed to cease targeting Beirut’s southern suburbs46.
On June 26, 2026, US Secretary of State Marco Rubio announced a breakthrough in Washington: the signing of the U.S.-Israel-Lebanon Trilateral Framework Agreement on Recognised Sovereignty, Mutual Security and Peaceful Relations24.
Signed by Israeli Ambassador Yechiel Leiter, Lebanese Ambassador Nada Hamadeh Moawad, and State Department Chief of Staff Daniel Holler, the Trilateral Framework established a conditional, performance-based roadmap for peace24:
- Bilateral Direct Diplomacy: Israel and Lebanon formally declared their intent to end the state of war that had persisted since 194845.
- Pilot Zones: Israel agreed to withdraw its forces from two specific “pilot zones” (one south of the Litani River, and one north of it within the expanded security zone)48.
- LAF Deployment: The Lebanese Armed Forces (LAF) would deploy to these pilot zones, assume full security control, and begin the verified disarmament of Hezbollah and other non-state armed groups45.
- US Security Funding: The United States committed $100 million in immediate humanitarian assistance through the UN, and $30 million to reimburse and bolster the operational capabilities of the LAF24.
- Sovereign Monopoly on Force: The Lebanese government explicitly rejected the right of any domestic or foreign non-state actor to use force on its behalf24.
- Legal Immunity: Both countries agreed to cease all hostile actions in international legal forums, shielding the IDF from prosecution for war crimes committed inside Lebanon39.
The Structural Collision of the 2026 Ceasefires:
| The Islamabad MoU (US-Iran) | The Trilateral Framework |
| • Ceasefire applies “on all fronts, including Lebanon” [cite: 30, 40]. | • Israel asserts it is not bound by the US-Iran MoU [cite: 27, 42] |
| • Establishes a “deconfliction cell” including Iran/Hezbollah but excluding Israel [cite: 39, 51, 52]. | • Establishes a “Military Coordination Group” (MCG4L) excluding Iran/Hezbollah [cite: 48, 53]. |
| • Protects and maintains Hezbollah’s armed status in southern Lebanon [cite: 18]. | • Conditions IDF withdrawal on the complete disarmament of Hezbollah [cite: 45, 49]. |
The structural incompatibility of these two peace tracks created an immediate crisis39. Hezbollah and its political allies fiercely rejected the Washington Trilateral Framework45. Hezbollah Secretary-General Sheikh Naim Qassem denounced the deal as a “humiliation and a surrender of sovereignty,” declaring that the organisation would never surrender its weapons or accept unilateral Israeli dictates40.
Senior Hezbollah lawmaker Hassan Fadlallah warned that any attempt by the Lebanese Armed Forces to enforce the Washington agreement on the ground would instantly plunge the country into a bloody civil war45. This warning was reinforced by mass street demonstrations in Beirut, where Hezbollah supporters clashed with security forces, prompting Lebanon’s public prosecutor, Judge Ahmed Rami al-Hajj, to place all national security agencies on high alert to prevent widespread riots45.
Sovereignty and Maritime Coercion: The Strait of Hormuz Toll System
The most immediate threat to the global economy remains the unresolved dispute over the transit regime of the Strait of Hormuz6. While Article 5 of the Islamabad MoU required Iran to facilitate safe, unhindered commercial passage for 60 days, the newly installed regime under Supreme Leader Mojtaba Khamenei has sought to permanently alter the legal status of the waterway30.
Because Iran signed but never ratified the 1982 United Nations Convention on the Law of the Sea (UNCLOS), Tehran rejects international transit passage rules57. Iranian Parliament Speaker Mohammad Ghalibaf announced that the Strait “will never return to its pre-war conditions,” and has initiated joint talks with the Sultanate of Oman to establish a bilateral “administration of navigation”30.
This proposed regime seeks to enforce a mandatory toll system, requiring all transit vessels to pay maritime service fees denominated in Chinese yuan and coordinate their physical routes directly with the Iranian Coast Guard8. Supreme Leader Mojtaba Khamenei instructed negotiators that the unblocking of the waterway must be leveraged for direct economic gain, with all toll revenues funnelled to families of IRGC martyrs, veterans, and domestic reconstruction58.
This position was rejected by the United States and its regional GCC allies26. During his diplomatic tour of the UAE, Kuwait, and Bahrain, Secretary of State Marco Rubio insisted that the Strait must remain completely toll-free, warning that the US Navy would enforce freedom of navigation by force39.
The dispute escalated sharply on June 25, 2026, when an Iranian-aligned attack drone struck the upper deck of a large commercial cargo vessel transiting the Strait, causing minor hull damage and forcing the International Maritime Organisation to temporarily pause all civilian ship evacuations through the chokepoint9. On June 26, President Trump ordered direct military retaliation, with CENTCOM air assets striking Iranian missile storage sites, drone launch facilities, and coastal radar stations along the southern coast15.
The IRGC Navy quickly retaliated on June 28, launching a joint ballistic missile and drone attack against US military bases in Kuwait and Bahrain, claiming the destruction of eight military facilities in what it termed “hell on the regional forces”15. Despite the rapid escalation, a high-level diplomatic intervention by Qatari and Pakistani mediators successfully prevented a slide back into total war14.
On June 28, a US official confirmed that both nations had agreed to halt active hostilities and stand down their forces40. To resolve the underlying dispute over transit fees and navigation routes, both Washington and Tehran agreed to dispatch senior delegations to Doha, Qatar, to open technical stabilization talks62.
Parallel Governance Models: Trump’s “Peace through Strength” and the Gaza Board of Peace
To understand the broader strategic doctrine undergirding the Trump administration’s West Asian policy, a comparative analysis must be drawn between the “offshore suzerainty” model applied to Iran and Lebanon, and the direct, colonial-style governance implemented in the Gaza Strip63. Under the offshore suzerainty paradigm, the United States avoids committing ground forces, relying instead on strategic naval blockades, precision air strikes, and unilateral financial sanctions to force compliance while leaving domestic administration in the hands of weakened sovereign states30.
Conversely, in Gaza, the administration has utilised the October 2025 US-brokered ceasefire to establish a direct, authoritarian administrative entity known as the Board of Peace63.
Authorised by the UN Security Council to oversee the administration of the territory until December 31, 2027, the Board of Peace represents a highly unilateral governance model63:
- Executive Leadership: The Board of Peace is chaired directly by Donald Trump, who holds the unilateral authority to establish or waive all legal immunities within the territory63.
- The Yellow Line: Gaza is physically bisected by a heavily fortified, militarized boundary65. Approximately two million Palestinian civilians (40% of the territory) remain under Hamas administrative control, while the remaining 60% is occupied and patrolled by the IDF65.
- International Stabilisation Force (ISF): A projected 20,000-strong international military force has been deployed to disarm Hamas and secure the enclave63. Egypt has committed extensive border troops to the ISF, alongside military and police delegations dispatched by Kosovo and Albania65.
- Sweeping Legal Immunity: A highly controversial draft resolution, labelled “sensitive but unclassified,” seeks to grant absolute legal immunity to all members of the Board of Peace, the Office of the High Representative (OHR), the ISF, Palestinian technocrats, and private security contractors, insulating them from arrest, detention, or prosecution in any Gaza court63.
- Eminent Domain and Property Confiscation: The draft resolution includes a clause granting the Board of Peace the right to acquire any public property or land in Gaza “free of charge” to construct military bases, administrative buildings, and logistical hubs63. Omar Shakir, executive director of the human rights organisation Dawn, condemned the provision as a repressed land-grab that mirrors the most severe forms of territorial confiscation63.
This Gaza paradigm demonstrates that where the administration cannot rely on offshore suzerainty, it is willing to establish direct, internationally insulated administrative mechanisms to enforce security outcomes, irrespective of local sovereign aspirations or international legal norms63.
Synthesis: Geopolitical Trajectories and the Fragile Triumvirate
The current ceasefire between Iran, Israel, and the United States represents a volatile regional equilibrium6. Each actor is operating under severe systemic constraints that compel short-term compliance while ensuring long-term friction6:
The United States is attempting to balance the preservation of its global economic stability with a desire to minimise direct ground engagements in West Asia21. By utilising offshore suzerainty, Washington has successfully degraded Iran’s conventional military and nuclear infrastructure, but has been forced to accept a flawed, highly temporary ceasefire that leaves Tehran’s missile and proxy networks intact6.
Iran’s clerical establishment has survived a decapitation campaign and severe economic shock, but faces a crisis of domestic legitimacy7. To prevent total collapse, Supreme Leader Mojtaba Khamenei and President Masoud Pezeshkian are utilising the 60-day Islamabad MoU window to secure immediate financial relief, unfreeze global reserves, and slowly reconstitute their defensive industrial base16. However, the regime’s ideological commitment to regional hegemony and its determination to leverage the Strait of Hormuz ensure that Tehran will continue to push the boundaries of the truce30.
Israel remains committed to a unilateral doctrine of self-defense23. While the Netanyahu government has signed the Washington Trilateral Framework to showcase a diplomatic path toward neutralising Hezbollah, the IDF has no intention of abandoning its southern Lebanese security zone or permitting the return of displaced Lebanese civilians as long as any armed presence remains south of the Litani River41. Israel views the US-Iran diplomatic track as a dangerous compromise that directly undercuts its military achievements18.
Ultimately, the 2026 ceasefire is a conflict-management instrument designed to manage, rather than resolve, a systemic regional crisis6. The structural contradictions between the US-Iran MoU and the Washington Trilateral Framework, the looming dispute over navigation fees in the Strait of Hormuz, and the domestic fragility of both the Iranian and Lebanese governments ensure that the current peace remains highly precarious39. While the intensive combat of the Third Gulf War has paused, the underlying regional struggle continues, leaving West Asia positioned on the edge of a renewed and potentially more devastating escalation2.
Geopolitical Risk Advisory Disclaimer
This research report is prepared for informational, academic, and professional strategic planning purposes only. The information, statistics, and geopolitical risk assessments contained herein are derived from publicly available sources and compiled military intelligence briefings. They do not constitute formal investment, legal, security, or financial advice. Geopolitical conditions are highly volatile and subject to rapid, unannounced changes. Readers and organisations are strongly advised to conduct independent due diligence and consult with qualified legal, financial, and security risk professionals prior to making operational, personnel, or investment commitments in the West Asian theatre.
References
- 2026 Lebanon war – Wikipedia, https://en.wikipedia.org/wiki/2026_Lebanon_war
- 2026 Iran war – Wikipedia, https://en.wikipedia.org/wiki/2026_Iran_war
- Twelve-Day War ceasefire – Wikipedia, https://en.wikipedia.org/wiki/Twelve-Day_War_ceasefire
- Operation Epic Fury and International Law – United States Department of State, https://www.state.gov/releases/office-of-the-legal-adviser/2026/04/operation-epic-fury-and-international-law
- A top nuclear expert on what the Iran war accomplished, https://www.washingtonpost.com/opinions/2026/06/25/is-iran-stronger-now-nuclear-expert-what-war-accomplished/
- (PDF) The Islamabad Memorandum – De-escalation, Energy Security and the Future of West Asian Geopolitics – ResearchGate, https://www.researchgate.net/publication/407268691_The_Islamabad_Memorandum_-_De-escalation_Energy_Security_and_the_Future_of_West_Asian_Geopolitics
- Israel/US-Iran conflict 2026: Background and UK response – UK Parliament, https://researchbriefings.files.parliament.uk/documents/CBP-10521/CBP-10521.pdf
- 2026 Iran war – Wikipedia, https://en.wikipedia.org/wiki/2026_Tehran_explosions
- 2026 Iran war | Deal, Explained, United States, Israel, Strait of Hormuz, Map, & Conflict, https://www.britannica.com/event/2026-Iran-war
- Timeline of the 2026 Iran war – Wikipedia, https://en.wikipedia.org/wiki/Timeline_of_the_2026_Iran_war
- Escalation in the Middle East: Tracking “Operation Epic Fury” Across Military and Cyber Domains | Flashpoint, https://flashpoint.io/blog/escalation-in-the-middle-east-operation-epic-fury/
- Peace Through Strength: Operation Epic Fury Crushes Iranian Threat as Ceasefire Takes Hold – The White House, https://www.whitehouse.gov/releases/2026/04/peace-through-strength-operation-epic-fury-crushes-iranian-threat-as-ceasefire-takes-hold/
- 12-Day War (June 2025) | Strike, Ceasefire, Attack, Nuclear Program, Ayatollah Khamenei, American bases, Map, & United States | Britannica, https://www.britannica.com/event/12-Day-War
- 2025–2026 Iran–United States negotiations – Wikipedia, https://en.wikipedia.org/wiki/2025%E2%80%932026_Iran%E2%80%93United_States_negotiations
- Khamenei says US-Israel ‘boasting’ over Iran strikes amounts to confession of crimes, https://timesofindia.indiatimes.com/world/middle-east/khamenei-says-us-israel-boasting-over-iran-strikes-amounts-to-confession-of-crimes/articleshow/132053923.cms
- Iran’s regime survived the war. Can it make peace with its own people?, https://www.theguardian.com/world/2026/jun/22/iran-regime-survived-war-make-peace-with-own-people
- Nato chief reveals Italy allowed US planes to use bases in Iran war, https://www.ft.com/content/f5e28723-da78-4822-848b-22d11259a349?syn-25a6b1a6=1
- The End of Israel’s Donald Trump Love Affair, https://thedispatch.com/article/israel-iran-deal-donald-trump-hezbollah/
- Centcom Commander Says Epic Fury Crippled Iran, Enhanced Military Partnerships in Region – War.gov, https://www.war.gov/News/News-Stories/Article/Article/4487365/centcom-commander-says-epic-fury-crippled-iran-enhanced-military-partnerships-i/
- Air Force’s ‘NASCAR pit crew’ forced into overdrive by Iran war, https://www.washingtonexaminer.com/policy/defense/4619101/air-force-maintenance-efforts-overdrive-iran-war/
- (PDF) The 2026 Iran War: A Proof That No Power Can Sustain War in an Interconnected Global Village – ResearchGate, https://www.researchgate.net/publication/404678821_The_2026_Iran_War_A_Proof_That_No_Power_Can_Sustain_War_in_an_Interconnected_Global_Village
- Israel–Hezbollah conflict 2026 and UK response – The House of Commons Library, https://commonslibrary.parliament.uk/research-briefings/cbp-10887/
- Country bulletin: security situation, Lebanon, May 2026 – GOV.UK, https://www.gov.uk/government/publications/lebanon-country-policy-and-information-notes/country-bulletin-security-situation-lebanon-may-2026
- Lebanon, Israel and US sign trilateral framework pact – Middle East and Africa, https://www.thejakartapost.com/world/2026/06/27/lebanon-israel-and-us-sign-trilateral-framework-pact?utm_source=(direct)&utm_medium=home_latest
- Shadow war: how use of proxy forces by Iran, Israel and US is driving Middle East instability, https://www.theguardian.com/world/2026/jun/28/gulf-us-iran-war-proxies-middle-east
- Limiting the Damage: Saudi Arabia and the Islamabad Memorandum, https://arabcenterdc.org/resource/limiting-the-damage-saudi-arabia-and-the-islamabad-memorandum/
- UN welcomes fresh Lebanon ceasefire reports as rights experts urge Iran accountability, https://news.un.org/en/story/2026/06/1167768
- The Islamabad Memorandum: Ceasefire or Strategic Pause?, https://www.dohainstitute.org/en/PoliticalStudies/Pages/from-administrating-war-to-administrating-negotiations-the-islamabad-memorandum.aspx
- Islamabad Memorandum – Wikipedia, https://en.wikipedia.org/wiki/Islamabad_Memorandum
- A bad peace: the Arab Gulf states and the US–Iran memorandum of understanding, https://www.iiss.org/online-analysis/online-analysis/2026/06/a-bad-peace-the-arab-gulf-states-and-the-usiran-memorandum-of-understanding/
- Read the full 14-point US-Iran deal – AL-MONITOR, https://www.al-monitor.com/originals/2026/06/read-full-14-point-us-iran-deal
- Full Text of 14 US-Iran Ceasefire Agreements Revealed: $300 Billion Financing to Rebuild Iran, Oil Ban Lifted Immediately, Strait of Hormuz to Reopen Within 30 Days – TradingKey, https://www.tradingkey.com/analysis/politics/middle-east/261971794-straitofhormuz-oil-us-tradingkey
- The Islamabad Memorandum of Understanding, OFAC Iran General License X, and the Strait of Hormuz: situation update – The Swedish Club, https://www.swedishclub.com/news/crisis-news/the-islamabad-memorandum-of-understanding-ofac-iran-general-license-x-and-the-strait-of-hormuz-situation-update/
- What went wrong in Iran?, https://www.washingtonexaminer.com/op-eds/4622911/what-went-wrong-trump-iran-deal-mou/
- Fresh hostilities in Gulf suggest US-Iran memorandum was too broadly worded, https://www.theguardian.com/world/2026/jun/28/fresh-hostilities-gulf-us-iran-memorandum-interpretations-lebanon-ceasefire-strait-of-hormuz
- Iran launches drone, missile attacks targeting Bahrain, Kuwait, threatening “complete halt” to talks – CBS News, https://www.cbsnews.com/live-updates/us-iran-war-israel-hezbollah-strait-of-hormuz-peace-deal-talks/
- Israel and Lebanon reach framework deal aiming to end conflict – The Japan Times, https://www.japantimes.co.jp/news/2026/06/27/world/israel-lebanon-framework-end-conflict/
- To protect the Iran peace talks, will Trump finally restrain Netanyahu?, https://www.theguardian.com/commentisfree/2026/jun/25/netanyahu-trump-iran-war
- 2026 Iran war ceasefire – Wikipedia, https://en.wikipedia.org/wiki/2026_Iran_war_ceasefire
- 2026 Israel–Lebanon peace talks – Wikipedia, https://en.wikipedia.org/wiki/2026_Israel%E2%80%93Lebanon_peace_talks
- Lebanon’s deal with Israel requires Hezbollah to disarm. That might be difficult, https://apnews.com/article/lebanon-israel-washington-deal-hezbollah-da963d9d930698c5b62f8591af7b31ef
- 2026 Israel–Lebanon ceasefire – Wikipedia, https://en.wikipedia.org/wiki/2026_Israel%E2%80%93Lebanon_ceasefire
- U.S.-Israel-Lebanon Trilateral Framework Agreement on Recognized Sovereignty, Mutual Security and Peaceful Relations, June 2026, https://israeled.org/u-s-israel-lebanon-trilateral-framework-agreement/
- US-Israel-Lebanon sign trilateral framework agreement aimed at dismantling Hezbollah, https://www.jpost.com/international/article-900621
- US, Israel, Lebanon sign trilateral framework agreement after 4 days of talks in DC, https://www.indiatoday.in/world/story/us-israel-lebanon-sign-trilateral-framework-agreement-after-4-days-of-talks-in-washington-2935292-2026-06-26
- ‘First step towards peace’: Israel, Lebanon sign framework agreement with US; Hezbollah warns of civil war, https://www.hindustantimes.com/world-news/first-step-towards-peace-israel-lebanon-sign-framework-agreement-with-us-hezbollah-warns-against-it-101782505933930.html
- US, Iran said to agree to halt Hormuz attacks, hold talks about issue in Qatar on Tuesday, https://www.timesofisrael.com/liveblog-june-28-2026/
- Israel-Lebanon deal: Takeaways from trilateral framework, how key players have reacted, https://indianexpress.com/article/explained/explained-global/israel-lebanon-us-trilateral-framework-hezbollah-10761770/
- June 27: Netanyahu maintains Israel ‘created conditions’ for Iranian regime’s collapse, https://www.timesofisrael.com/liveblog-june-27-2026/
- Middle East crisis: Rubio and Vance hold call with Lebanon’s president; Trump claims Iran has agreed to nuclear inspections ‘long into future’ – as it happened, https://www.theguardian.com/world/live/2026/jun/23/iran-us-israel-lebanon-un-peace-deal-nuclear-iaea-frozen-assets-strait-of-hormuz-latest-news-updates
- Iran Update Special Report, May 26, 2026 – Institute for the Study of War, https://understandingwar.org/research/middle-east/iran-update-special-report-may-25-2026-2/
- Secret correspondence claims suggest tensions at top of Iranian government, https://www.theguardian.com/world/2026/jun/21/secret-correspondence-iranian-government-tensions-supreme-leader
- Trump accuses Iran of ‘foolish’ ceasefire violation by firing on ships in Hormuz, https://www.timesofisrael.com/trump-accuses-iran-of-foolish-ceasefire-violation-by-firing-on-ships-in-hormuz/
- Iran’s Mojtaba Khamenei demands US-Israel must face courts for child killings, hospital attacks, war crimes, https://www.livemint.com/news/world/irans-mojtaba-khamenei-demands-us-israel-must-face-courts-for-child-killings-hospital-attacks-war-crimes-11782660160360.html
- Iran and US agree to halt attacks and renew talks – News | InDaily, Inside South Australia, https://www.indailysa.com.au/news/just-in/2026/06/29/iran-and-us-agree-to-halt-attacks-and-renew-talks
- Trump’s Board of Peace plans to grant itself sweeping immunity, documents show, https://www.theguardian.com/law/2026/jun/27/board-of-peace-legal-immunity-un
- The Islamabad Memorandum, https://blogs.timesofisrael.com/the-islamabad-memorandum/
- Decision or stagnation in Gaza?, https://www.fdd.org/analysis/2026/06/26/decision-or-stagnation-gaza/
- Time to be cautious rather than excited, https://www.dawn.com/news/amp/2011344


