US-Iran Conflict Disrupts Strait of Hormuz

The United States and Iran are engaged in an escalating military conflict centered on the Strait of Hormuz, a critical chokepoint for global oil shipments. The U.S. has conducted multiple nights of strikes against Iranian targets, while Iran has retaliated with missile attacks on U.S. bases and assets in the region, including in Bahrain and Kuwait. The conflict has severely reduced shipping traffic through the Strait, spiking crude oil prices and raising global inflationary concerns. Diplomatic efforts, including a proposed 10-day ceasefire and mediation by Qatar and Pakistan, have so far failed to produce a lasting resolution. Iran has also signaled it may bar vessels from hostile nations from transiting the Strait, further threatening oil supplies. The conflict has roiled Asian stock markets, with indices like the S&P/ASX 200 and Nikkei 225 experiencing significant volatility. The U.S. United States — Federal Reserve's interest rate decision is also in focus amid the uncertainty.