US-Iran Hormuz conflict escalates
Analysis based on 488 articles · First reported Mar 09, 2018 · Last updated Jul 25, 2026
The escalation has disrupted shipping through the Strait of Hormuz, causing oil prices to spike and raising fears of a global energy crisis. The uncertainty has also weighed on stock markets and increased the risk of inflation, potentially affecting central bank policies.
The United States and Iran have exchanged a series of airstrikes and missile attacks, escalating the conflict that began on February 28 with US-Israeli strikes that killed Supreme Leader Ali Khamenei. The renewed hostilities, which began after Iran attacked three ships in the Strait of Hormuz, have led to a near halt in shipping through the vital waterway, which carries about a fifth of global oil and gas supplies. The US has launched multiple nights of strikes against Iranian military targets, while Iran has retaliated against US bases and allies in the Gulf, including Bahrain, Kuwait, Qatar, and Jordan. The interim ceasefire deal has collapsed, and both sides have exchanged threats, with President Trump warning of massive retaliation and Iran's new Supreme Leader Mojtaba Khamenei vowing revenge. Mediation efforts by Qatar and Oman continue, but the situation remains tense with no clear off-ramp. The conflict has driven oil prices above $100 per barrel and raised concerns about global energy security and inflation.
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