Grappling with record inflation, mass job losses and a harshening of political repression, the current calm feels both fragile and uncertain to many Iranian people.

The fragile ceasefire agreement is likely to face significant challenges, analysts told CNBC, citing a significant trust deficit on both sides.

The US president, who had vowed to annihilate Iran, announced a ceasefire with Tehran on Tuesday evening, which should lead to the reopening of the Strait of Hormuz. Israel said…