U.S.-Iran Conflict Escalates with New Airstrikes and Total Oil Sanctions

Conflict between the United States and Iran intensified significantly over the last 24 hours as U.S. Central Command (CENTCOM) initiated a series of airstrikes targeting Iranian coastal defense infrastructure. The operations, which hit sites in Bandar Abbas, Qeshm, and Sirik, are intended to degrade Tehran's ability to threaten maritime traffic in the Strait of Hormuz. In response, Iranian forces launched retaliatory missile and drone strikes against U.S. military bases located in Bahrain and Kuwait. On the diplomatic and economic front, President Donald Trump announced at the NATO summit in Ankara that the interim ceasefire is officially over. The administration subsequently revoked all Iranian oil export waivers, reimposing total sanctions. This move caused Brent crude to climb past $77 per barrel. While the IMF has already lowered its 2026 global growth forecasts due to the hostilities, U.S. markets reacted with volatility, seeing a sharp drop in the Dow Jones Industrial Average. Nuclear tensions have also heightened following an IAEA report confirming that Iran possesses over 400 kg of uranium enriched to 60%. President Trump has signaled a shift toward a policy of unilateral de-nuclearization, casting further doubt on the future of international diplomatic agreements. Despite the open hostilities, reports indicate that Saudi Arabian officials attended the funeral of Ali Khamenei, suggesting that complex regional back-channels may still be active amidst the escalating military pressure.