US loosens Iran's grip on Strait of Hormuz but war is not over

In recent weeks, the United States has managed to loosen Iran's control over the Strait of Hormuz while simultaneously halting Iran's oil exports, thereby hastening the country's economic decline. However, the war initiated by the U.S. and Israel in February, which was expected to be a short-term conflict, remains ongoing and is proving to be costly for both parties involved.

An agreement that was reached in June has already failed to materialize, with no diplomatic breakthroughs observed since then. Despite this, sporadic clashes continue, and there appears to be no clear exit strategy for the U.S. Furthermore, the increasing economic pressure on Iran has failed to incite any sort of uprising, suggesting that if Iran's leadership is pushed to the brink, they might prefer military escalation over surrender.

In Yemen, the Houthis, who are aligned with Iran, have intensified their attacks on Saudi Arabia, contributing to a resurgence in oil prices. The price of a barrel of Brent crude, which serves as the global benchmark, has surged above $100 this week, while diesel - a crucial commodity in transportation and agriculture - has reached unprecedented levels, potentially triggering inflation. President Donald Trump has admitted that gas prices are expected to remain elevated.