U.S.-Iran Conflict Escalates as Ceasefire Collapses and Oil Prices Surge

The fragile ceasefire between the United States and Iran has collapsed, marked by a fresh exchange of airstrikes across the Middle East. President Trump officially declared the truce dead after the U.S. initiated new bombing runs against Iranian targets. Tehran has responded by ordering strikes on U.S. military assets and expanding its targets to include neighboring Gulf countries, heightening fears of a broader regional war. In a significant escalation of economic warfare, Iran has officially announced the closure of the Strait of Hormuz. The move has already caused a sharp slowdown in tanker traffic and sparked volatility in global energy markets. Brent crude prices surged more than 7% this week, reaching $79 per barrel, with experts warning that U.S. domestic gas prices may soon climb as a result of the renewed hostilities. Diplomatic efforts appear to have stalled, with no new back-channel negotiations reported in the last 24 hours. While regional allies like Jordan continue to intercept incoming missiles, the involvement of the U.S.-led coalition has reportedly expanded to include operational support from Ukraine. The closure of the Strait remains the most immediate threat to global economic stability as governments struggle to mitigate the impact of rising fuel costs.