US Victory Elusive in Iran War as Oil Prices Soar

The US has made significant strides in loosening Iran's grip on the Strait of Hormuz, but the costly war is far from over.

A recent agreement crumbled in June, and since then, there have been no signs of diplomatic progress. Low-level fighting persists, and the US seems to lack a clear exit strategy.

The economic pressure on Iran has yet to spark an uprising, and its leaders may opt for military escalation rather than capitulation if they're backed into a corner.

Iran's Houthi allies in Yemen have stepped up attacks on Saudi Arabia, contributing to rising oil prices. The price of Brent crude surged above $100 this week, and diesel hit a record high, potentially stoking inflation.