Energy Markets Surge and Gulf Tensions Rise as U.S.-Iran Conflict Reaches Day 29

The U.S.-Iran conflict has entered its 29th day with significant economic and regional repercussions. Global energy markets are in crisis as oil prices have spiked above $150 per barrel due to sustained disruptions in the Strait of Hormuz and the Red Sea. While hostilities continue, a narrow diplomatic opening has emerged via Pakistan-mediated back-channels. Iran has reportedly signaled a 10-day pause on strikes targeting power infrastructure to allow for potential negotiations, even as its proxies, including the Houthis in Yemen, expand their involvement in the theater. Regional stability remains precarious following a recent strike on the Prince Sultan Air Base in Saudi Arabia, which injured at least 10 U.S. service members and raised questions regarding regional air defense capabilities. Gulf nations have expressed deep concern that the conflict may expand to critical energy and civilian infrastructure. Meanwhile, a dispute in the information war has emerged regarding a U.S. F-16; the Iranian Revolutionary Guard Corps (IRGC) released footage claiming a successful strike on the aircraft, a claim that U.S. Central Command has flatly denied, stating the jet returned safely from a routine mission.