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Recent diplomacy keeps the ceasefire intact, but repeated U.S.-Iran hostilities and open threats make it highly likely.
The evidence tilts against a clean, settled peace, because the two sides have kept exchanging threats and limited force even after the ceasefire language. Markets currently treat this outcome as clearly uncertain, and the strongest reason the forecast leans toward continuation is that no supplied source shows a new qualifying U.S. strike on Iran after September 18. Even so, the recent record is strained enough that the outcome is driven as much by the absence of an executed attack as by any visible de-escalation.
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