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Despite Iran and the United States exchanging rounds of fire over the weekend, the Trump administration is insisting that discussions around a final deal to end the war are still set to commence, with the president himself claiming that talks will resume in Qatar on Tuesday.

However, Iran has not yet confirmed that those talks have been agreed upon.

The exchange of fire underscores the fragility of the current Memorandum of Understanding (MOU), agreed upon earlier this month. The MOU sets out several key agreements between Iran and the U.S. to be followed as negotiations continue, chief among them the “immediate and permanent termination of military operations on all fronts.”

The MOU is set to expire within the next two months. However, both sides can extend that deadline if they agree to do so.

As a result of the hostilities that occurred, traffic in the Strait of Hormuz — through which a fifth of the world’s oil is transported — significantly slowed down, potentially escalating oil prices in the next few days if normal traffic flow isn’t restored.

Iran Closes Strait of Hormuz in Response to Israel’s Attacks on Lebanon

The Islamic Republic Guard Corps (IRGC) claimed........

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