Within a day, the Iran-U.S. ceasefire began breaking down. Markets shrugged

Iran’s parliamentary speaker, Mohammad Bagher Ghalibaf, said Wednesday that three clauses of the 10-point ceasefire framework with the United States had already been violated, despite negotiations not beginning.

Ghalibaf cited continued Israeli strikes in Lebanon; a drone shot down over Iran’s Fars province; and what Tehran called a denial of its right to uranium enrichment. “In such situation, a bilateral ceasefire or negotiations is unreasonable,” he wrote in a statement posted to X. The Strait of Hormuz remained largely blocked, with only four tanker transits recorded on the day, according to S&P Global Market Intelligence.

Markets barely flinched on the news, with crude ticking up slightly higher and stocks falling only 0.3%. Crude has posted one of its sharpest single-day drops on record, and global equities have ripped higher on peace-deal euphoria. 

The statement throws immediate uncertainty over a deal that is barely 24 hours old and exposes a fundamental disagreement over what was actually agreed to....