US-Iran War over Strait of Hormuz
Analysis based on 709 articles · First reported Apr 20, 2026 · Last updated Jul 29, 2026
The conflict has driven oil prices to multi-year highs, with Brent Crude exceeding $94 per barrel, and has disrupted global energy supply chains through the Strait of Hormuz. Higher fuel costs are contributing to inflation and weighing on consumer sentiment, particularly ahead of US midterm elections.
The US-Iran war, which began on February 28, 2026, with US and Israeli strikes on Iran, has escalated into a prolonged conflict centered on control of the Strait of Hormuz. Iran's blockade of the strait has disrupted global oil and gas supplies, sending Brent Crude above $94 per barrel. The US has conducted nightly airstrikes on Iranian military and infrastructure targets, while Iran has retaliated with missile and drone attacks on US bases and allied Gulf states. The Houthis in Yemen has also threatened Saudi shipping in the Red Sea. Diplomatic efforts, including a June ceasefire agreement, have collapsed. The US Congress has passed symbolic war powers resolutions, but the conflict continues. US defense costs have reached $37.5 billion, and 18 US service members have been killed. The war has caused significant economic disruption, with oil prices elevated and supply chains strained.
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