Sri Lanka, July 13 -- More than four months after the United States and Israel launched military operations against Iran, the fragile peace agreement that halted more than 100 days of war is on the verge of collapse as Washington and Tehran exchange their heaviest attacks since signing a memorandum of understanding (MoU).

The latest confrontation is centred almost entirely on the Strait of Hormuz, where the United States says it is safeguarding international shipping while Iran insists it has the right to regulate maritime traffic under the terms of the agreement. The renewed violence has triggered missile alerts across several Gulf states, pushed oil prices higher once again, and raised fears that the region could slide back into full-...