• Renewed conflict is in no one’s interest: FO.
• Iran says 8 army members killed in US attacks.
• US will hit Iran hard tonight, says Trump.

Mediator Pakistan urged all parties on Wednesday to exercise restraint and uphold the Islamabad Memorandum of Understanding (MoU) after the United States and Iran traded military strikes overnight following attacks on commercial ships in the Strait of Hormuz.

In a statement, the Foreign Office expressed deep concern at the escalation in tensions in the region, saying that renewed conflict is in no one’s interest.

“Pakistan calls on all parties to exercise restraint and refrain from any actions that may further undermine regional peace and stability,” the FO said.

Last month, the US and Iran reached a 14-point interim agreement titled “Islamabad Memorandum of Understanding between the Islamic Republic of Iran and the United States of America” to halt the war and open the Strait of Hormuz.

The FO statement comes hours after Iran said it had targeted US military sites in Bahrain and Kuwait after US forces struck Iranian targets in response to attacks on tankers in the Strait of Hormuz.

The attacks further undermined a shaky ceasefire agreement and dented hopes of turning the memorandum of understanding signed on June 17 into a permanent peace deal to end the war, which began with US-Israeli airstrikes on Iran on February 28.

In the statement issued today, the FO said that there is no alternative to continued engagement, dialogue and diplomacy to achieve the shared goal of peace in the region.

The Foreign Office said the agreement remains an enduring foundation for understanding, mutual respect and shared prosperity for the region and beyond.

It added that Pakistan remains ready to continue playing its role in this regard.

‘Interim accord is over’

Earlier today, President Donald Trump said an interim agreement to end the war with Iran was “over” and that the United States was likely to launch new strikes on Wednesday night following Iranian attacks on US bases in the Gulf.

Asked before a Nato summit in Turkiye whether the memorandum of understanding was over, Trump said: “It’s a very interesting question. To me, I think it’s over. I don’t want to deal with them.”

“They’re sick people. They’re led by sick people,” he told reporters in Ankara. “As far as I’m concerned, it’s just a waste of time dealing with them.”

Although Trump has at times stepped back from threats he has made against Iran, oil prices surged and stocks fell after his latest remarks.

The renewed hostilities have also heightened safety and security concerns around the Strait of Hormuz, with shipping data showing at least four oil and gas tankers had turned back rather than try to transit the waterway, a vital supply route.

Oil prices jumped, and global bond markets tumbled. Brent crude futures leapt more than 5%, the most in a day since late May, to $78.48 a barrel.

Iran’s state news agency Irna said eight members of the country’s armed forces were killed in US strikes on southern Iran.

The victims belonged to the air force and navy ⁠and died due to strikes in Bandar Abbas ⁠and Bushehr, it added.