US-Iran war new phase
Analysis based on 6 articles · First reported Aug 23, 2026 · Last updated Aug 24, 2026
The ongoing conflict and sanctions have driven up global oil and gas prices, contributing to inflation in the US where petrol prices exceed $4 per gallon. Continued instability in the Strait of Hormuz threatens energy supply chains, impacting shipping and energy markets worldwide.
US House Speaker Mike Johnson stated that the war with Iran will soon enter a new phase, expecting allied nations to assist. He praised President Donald Trump for preventing Iran from acquiring nuclear weapons, calling it a goal of every administration for 50 years. Johnson expressed confidence that Republicans will retain their House majority in the November midterms despite public frustration over rising energy costs and inflation. The conflict began on February 28 when US and Israeli forces conducted military operations against Iran, reportedly killing Supreme Leader Ali Khamenei and several senior officials. Iran retaliated by closing the Strait of Hormuz and launching drone and missile strikes on US facilities. A fragile ceasefire has been in effect since April, with sporadic flare-ups. Trump has imposed 'crushing' economic sanctions on Iran, and global markets brace for widespread restrictions. Johnson noted increased oil traffic through the Strait of Hormuz, but Iranian officials remain defiant, asserting control over the waterway. The potential integration of allied forces could signal a shift from diplomacy to escalation.
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