The coming weeks will be critical. The US-Iran memorandum of understanding must be translated from vague diplomatic language into concrete action — or risk becoming yet another hollow agreement in a region littered with them. The Bank of England’s inflation warning serves as a reminder that wars leave economic scars that outlast ceasefire announcements. And Germany’s internal debate over the Hormuz mandate may become a bellwether for whether Europe can sustain a coherent security posture in the Middle East when the strategic picture is this uncertain.
One thing is clear: the deal may have been signed, but the argument over what it means — and what it cost — is just beginning.
