Iran War Enters Day 18: No End in Sight
The war between the United States, Israel, and Iran just entered its third week, and if anything, it's getting worse. What started as targeted strikes has turned into the most intense military confrontation in the Middle East in decades.
Iran has a new Supreme Leader now. After the previous leader was killed in an airstrike, his son Mojtaba Khamenei took over and immediately vowed to fight until the end. Meanwhile, President Donald Trump is demanding Iran's unconditional surrender. Neither side is backing down.
The human cost is mounting. Sixteen commercial vessels have been attacked so far. Oil facilities across the Gulf are being bombed. Saudi Arabia's Ras Tanura refinery, the world's largest at 550,000 barrels per day capacity, sits offline. Qatar declared force majeure on 20% of global LNG exports. Kuwait and the UAE have both reported drone strikes on energy infrastructure.
Countries far from the conflict are feeling the pain. Japan, which imports 90% of its oil through the Strait of Hormuz, is scrambling for alternatives. South Korea triggered stock market circuit breakers twice in one week. European nations like Germany and France face natural gas shortages as Qatari LNG shipments halt.
The economic impact is spreading far beyond the Middle East. Every time a new strike happens, oil prices jump. Brent crude hit $111 before the G7 emergency reserve release brought it back to $100. Insurance giants Lloyd's of London and Allianz have canceled coverage for any vessel transiting the Persian Gulf.
The Strait of Hormuz, which normally sees 138 ships pass through every day, is down to just five. That might sound like a technical detail, but it means 20% of the world's oil supply is effectively cut off. India, Thailand, Bangladesh, and Pakistan have all imposed fuel rationing or price caps to prevent consumer revolt.
The worst part? Nobody knows when this ends. Trump says it will be over soon, then says it won't stop until total victory. The mixed messaging makes it impossible for businesses and investors to plan ahead.
Wars always have a cost. But this one is being paid at gas pumps and grocery stores around the world.
