The 14-point deal with Iran, signed by President Donald Trump in mid-June 2026, was intended as a diplomatic solution to wind down the ongoing conflict and foster prosperity in the Middle East. However, six weeks after the agreement and three weeks after Trump declared it dead, hostilities have intensified and spread to new fronts.

On Wednesday, July 29, 2026, a drone strike caused a fire engulfing an American-owned gas storage tanker and another vessel at Egypt's Mediterranean port of Damietta. Maritime security firm Ambrey confirmed the drone strike, and while Iran's foreign minister denied involvement and no group claimed responsibility, Egypt attributed the attack to a drone strike. U.S. officials assessed that Iranian-linked actors were likely behind the incident.

Following the attack, Egypt's foreign minister spoke by phone with Trump's special envoy Steve Witkoff. Both officials emphasized the importance of preventing further escalation and avoiding a broader regional conflict.

In response to growing regional tensions, Riyadh announced on Thursday that it convened representatives from 43 countries to discuss forming a maritime defense coalition to protect shipping in the Red Sea. Fourteen nations supported a joint statement launching the coalition.

Meanwhile, Tehran has extended its retaliatory strikes beyond the Gulf, targeting U.S. interests in Jordan nearly a dozen times over the past month, despite Jordan being approximately 1,000 miles from Iran. This escalation followed Iran's rejection of a proposal to manage the Strait of Hormuz and was interpreted by the Institute for the Study of War as a signal of "the regime's willingness to incur the risk of full-scale conflict with the United States."

Efforts by mediating countries to restart negotiations between the U.S. and Iran have repeatedly stalled, dimming hopes for even a limited ceasefire.

Sources