Iran War Escalates, Threatening Strait of Hormuz

The seven-month conflict between the United States and Iran has escalated, with Iranian forces reportedly attacking U.S. naval assets and commercial shipping after American forces destroyed or sank several Iranian oil tankers; Washington denies that any U.S. Navy ships were successfully hit. Iran has imposed tighter restrictions around the Strait of Hormuz, launched missiles at a facility used by U.S. forces in Jordan—where officials said most were intercepted—and continued fighting despite economic pressure, while reported maritime casualties include one sailor killed and another missing. The disruption to the waterway, which carries roughly one-fifth of global oil supplies, has pushed Brent crude above $100 a barrel and raised fears of wider supply disruptions. President Donald Trump said the war would end immediately after the November midterm elections and predicted oil and gasoline prices would fall, but senior U.S. advisers reportedly warned it could continue through the remainder of his term, potentially until 2029; investor Peter Schiff also warned that a prolonged conflict could raise oil prices and interest rates. Former Iranian presidents Hassan Rouhani and Mohammad Khatami have called for an honorable end, while Iranian hardliners criticized Rouhani’s call for public input; Trump said diplomacy remained possible but was not his preferred option. The United States is intensifying sanctions on Iranian airlines and alleged weapons networks, and Iran has condemned an International Atomic Energy Agency resolution referring concerns about its nuclear record to the U.N. Security Council, calling the findings fabricated and blaming attacks on its nuclear facilities for disrupting inspections.