US-Iran conflict escalates over Hormuz
Analysis based on 117 articles · First reported Feb 08, 2026 · Last updated Aug 02, 2026
The escalation has driven oil prices up, with Brent crude rising above $90 per barrel and WTI above $86, and European gas prices reaching four-month highs. Continued threats to the Strait of Hormuz and other chokepoints risk further supply disruptions, impacting global energy markets and inflation.
The US-Iran conflict, which began on February 28 with US and Israeli strikes on Iran, has escalated sharply. President Donald Trump threatened to hit Iran 'very hard' and reportedly ordered preparations for new strikes, possibly targeting Iranian energy infrastructure. Iran retaliated with drone attacks on Kuwait and strikes on tankers in the Strait of Hormuz, while threatening to close other chokepoints and target energy fields of US allies. The US State Department issued security alerts for Americans in 10 countries and advised them to consider leaving the region. Israel carried out heavy strikes in Gaza despite Hamas agreeing to disarm under a US-brokered ceasefire. The conflict has driven oil and gas prices higher, with Brent crude above $90 per barrel and European gas prices at four-month highs.
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