TEHRAN, July 18. Iran's supreme leader, Mojtaba Khamenei, said Saturday that President Donald Trump's signature is "worthless and unreliable" after what he described as repeated American violations of the memorandum of understanding signed between the two presidents last month, according to Axios. The remarks came in a written statement carried by Iranian state media rather than a televised address. "The Great Satan's repeated violations of the memorandum of understanding signed between the presidents of Iran and the United States once again proved to everyone how worthless and unreliable the signature of the U.S. president is," Khamenei said in the statement, per Press TV. He added that Iran and what he called the Resistance Front have "unforgettable lessons in store" for the United States if the campaign escalates further. The statement accused Washington of carrying out strikes while Iran held a funeral procession for his father, former supreme leader Ali Khamenei. It did not specify what form any Iranian response would take.

The statement followed a formal announcement from Iran's Foreign Ministry earlier in the day that Tehran has suspended its commitments under the interim agreement. Deputy Foreign Minister Kazem Gharibabadi said the country will no longer seek to implement the understanding reached with Washington in June, according to NBC News. That agreement had produced a temporary pause in hostilities and the partial reopening of commercial traffic through the Strait of Hormuz. The Energy Information Administration had cited that reopening on July 7 when it raised its global oil production forecast and projected US retail gasoline prices averaging about $3.60 per gallon in the second half of the year. Those projections were issued before the current round of fighting resumed. Iranian officials have not said whether the suspension is permanent or conditional on a halt to American strikes.

American strikes have continued on a nightly basis. US Central Command said a fresh wave of airstrikes hit surveillance sites, military logistics infrastructure, underground weapons storage and maritime capabilities, per CNBC, and did not disclose target locations. Al Jazeera reported that the strikes have moved inland after initially concentrating on the Strait of Hormuz, which analysts described as a shift in strategy. The seventh consecutive night of strikes ended early Saturday. Iran's Revolutionary Guard Corps said it blocked four vessels early Saturday as they attempted to transit the Strait of Hormuz under US protection, stating all four were halted and immobilized at sea. Commercial shipping through the waterway has continued to face disruption.

The diplomatic collapse carries direct consequences for households well beyond the region. Energy prices tied to Gulf shipping feed into gasoline, diesel, air fare and freight costs that move through grocery and retail pricing within weeks. Small business owners who depend on delivery fleets or who import goods routed through the Persian Gulf face fuel surcharges that typically arrive with little notice. Insurance premiums for vessels transiting the strait have climbed since the campaign resumed, a cost carriers pass through to shippers. Families managing tight budgets absorb those increases at the pump before they show up in any official inflation reading. The Federal Reserve's next policy meeting falls on July 29, and traders have been watching energy costs as a factor in that decision.

Two United States service members were killed and one is missing following Iranian ballistic missile and drone attacks on a Jordanian air base, CENTCOM announced Saturday, per CNN. Those are the first American military deaths in the conflict since March and bring the war's US military death toll to 16. Air raid sirens sounded in Bahrain for the fifth time Saturday, according to Middle East Monitor. Jordan's army said it shot down 10 Iranian missiles with no casualties. Kuwait reported that Iran struck another of its power and water facilities, forcing the deactivation of several generation units. The widening geography of the exchanges has drawn in states that are not formal parties to the conflict.

What to Watch. Iranian officials have warned of a full-scale offensive if American strikes continue, and Khamenei's statement did not attach a timeline or condition to that threat. Whether Tehran formally withdraws from the memorandum through diplomatic channels, as opposed to suspending compliance, will determine how quickly any negotiation could restart. Energy markets reopen Monday and will price in the weekend's developments, including the vessel seizures in the strait. Congressional leaders are expected to seek classified briefings on the campaign when the chambers return to session.

Sources: Axios, Press TV, NBC News, CNBC, Al Jazeera, CNN, Middle East Monitor, EIA