Peace in the Middle East is falling apart again — bad news for oil markets, the global economy, and anyone hoping the Iran conflict was over.

• Iran skipped the nuclear talks in Switzerland because Israel kept attacking Lebanon, and says it won't return until the bombing stops.
• The signed US-Iran deal promised an end to all fighting, including in Lebanon — but Israel claims it hit over 80 Hezbollah targets overnight and says it will keep going.
• JD Vance publicly warned Israel's cabinet to stop attacking Trump, reminding them the US builds and pays for most of their defense weapons.
• Ships have stopped moving through the Strait of Hormuz again, threatening oil supply just as traffic was starting to recover.
• The Pentagon is asking Congress for another $80 billion to cover the Iran war, and some Republicans are pushing back on the cost.

Outlook: With Israel still bombing and Iran refusing to talk, the ceasefire looks shaky and the conflict could reignite in the near term.