US-Iran Conflict Escalates as Strait of Hormuz Remains Closed

The Iran-US conflict has reached a critical juncture two months into the war. The Strait of Hormuz, a vital sea channel that connects major oil-producing countries to global markets, remains closed due to Iran's blockade in response to a US naval blockade on its oil exports.

This has resulted in 20% of the world's oil and gas supplies being choked off, leading to a surge in global energy prices. The benchmark Brent crude contract hit over $126 a barrel at one point before slipping back to around $113 a barrel.

The US plans to launch fresh military strikes on Iran to compel it to negotiate an end to the conflict. However, a senior Revolutionary Guards official warned that any US attack will usher in 'long and painful strikes' on US regional positions.