2026 Iran war | Oil, Explained, United States, Israel, Strait of Hormuz, Map, & Conflict

Britannica describes the 2026 Iran war as a conflict initiated by the United States and Israel on February 28, 2026, embroiling the entire Middle East region[3]. According to Britannica, since the conclusion of a memorandum of understanding in June 2026 that seeks to end the Iran war, Iran has repeatedly threatened and attacked ships passing through the Strait of Hormuz[3]. official told ABC News that Monday's strikes do not signal the resumption of major combat operations against Iran[1]. The same outlet reports that Monday's U.S. airstrikes on Qeshm Island were in response to an Iranian attack on a U.S. aircraft, said one official[1].CBS News reports that the Iranian regime said earlier Monday that 11 ships had "caught fire" in or near the Strait of Hormuz in the last nine days alone[2].Al Jazeera reports that US Vice President JD Vance says Washington has made "progress" in indirect peace talks with Iran[4]. According to CBS News, closed-door negotiations have taken place via mediators, primarily Qatar and Pakistan[2].ABC News quotes Iranian spokesperson Baqaei as saying the strait "cannot be reopened or safe, unless the U.S. naval blockade ends"[1].CBS News reports that oil prices sank around 7% on Monday, the eve of crucial midterm elections in the U.S.[2] Global Risk Management analyst Arne Lohmann Rasmussen told AFP that her firm would "maintain our higher-for-longer outlook for energy prices"[2].ABC News reports that President Trump told Axios he is in "no rush" to make a decision on whether to resume strikes against Iran[1].