On Friday, Iranian Foreign Minister Abbas Araghchi accused the Donald Trump administration of breaching a recent memorandum of understanding after the U.S. Treasury Department slapped fresh sanctions on Iran. The back-and-forth highlights just how fragile the ceasefire over the Strait of Hormuz really is.

Araghchi took to X to push back, arguing that Iran had held up its end of the bargain while the U.S. had not. "Iran has so far kept its word, unlike the so-called U.S. Treasury Secretary who is violating Para 9 of the MoU," he wrote. He added that the latest sanctions followed "other violations and missteps by the United States" and stressed, "Reality check: There can only be mutual compliance."

The Treasury's move came on Thursday, targeting an Iranian financial facilitator accused of diverting public funds overseas, along with several Iranian exchange houses allegedly used to move billions of dollars annually on behalf of sanctioned Iranian banks. The department said the measures were a response to Iran's resumption of attacks on international shipping in the Strait of Hormuz.

The sanctions are just one piece of a larger pressure campaign. The Trump administration has reportedly given Iran until Saturday to publicly affirm that the Strait of Hormuz will remain open and commit to ending attacks on commercial vessels. According to U.S. officials, Tehran violated a three-week-old memorandum of understanding by repeatedly targeting ships in the strategic waterway, prompting Trump to declare the ceasefire "over." One U.S. official reportedly warned that if Iran fails to make the requested commitment, "it is not gonna be a great day for them."

Despite the heightened tensions, diplomatic efforts are still churning. Iran's official IRNA news agency reported that Araghchi is scheduled to meet Omani Foreign Minister Badr al-Busaidi on Saturday as both sides seek to revive the fragile ceasefire. Whether that meeting can cool things down remains to be seen, but for now, the rhetoric is heating up fast.