In the Middle East the situation is getting quite complex due to increasing conflicts and significant diplomatic posturing. The Israeli military has launched an attack on one of the Hezbollah leadership figures in Beirut, whereas the American military has conducted a military strike to render an Iranian oil ship nonfunctional to ensure a blockade. However, despite such acts of military intervention, indications of possible de-escalation do exist. News regarding the formation of a "memorandum of understanding" between the U.S. and Iran has caused the price of oil to fall dramatically due to hopes of reaching some agreement.