The UK and European nations face a contraction in GDP for the year if the Strait of Hormuz does not resume full operations by October, Bloomberg reported, citing estimates from the consulting firm Baringa Partners. Consequently, Europe will have no chance of replenishing fuel deficits in underground gas storage facilities through imports from Qatar, the agency wrote. The United States and Israel launched a war against Iran on February 28. In June, Washington and Tehran signed a memorandum of understanding providing for an immediate cessation of hostilities on all fronts, including in Lebanon. However, on the night of July 8, the United States resumed large-scale strikes on Iran, accusing it of violating the terms of the agreements regarding the Strait of Hormuz.