The US-Iran war, which began on February 28, 2026, has settled into a costly stalemate after six months of hostilities. Iran has sustained an estimated $270 billion in damages, and Supreme Leader Ali Khamenei was killed in early strikes, succeeded by his son Mojtaba Khamenei. The conflict knocked out roughly 9% of global oil output at its worst, with Brent crude settling around $86 to $87 per barrel by August 2026. Ceasefire attempts, including a two-week truce in April and a memorandum of understanding in June, have failed to produce a lasting agreement, as intermediaries continue working to establish a temporary shipping corridor through the Strait of Hormuz.
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