The U.S. and Israeli forces have been striking Iran since late February, and Iran has retaliated by targeting Gulf shipping and military bases. The Strait of Hormuz, a key oil route, is threatened, and oil prices have jumped above 105 dollars per barrel.
The conflict has spread regionally, with drone strikes on Gulf states and a humanitarian toll. While Iran has suggested peace terms, the U.S. isn’t engaging yet, and analysts warn of global economic risks if shipping remains disrupted.