Irans new supreme leader, Mojtaba Khamenei, declares Strait of Hormuz closure, warns of new fronts against U.S. and Israel. President Trump prioritizes preventing Irans nuclear weapons over rising oil prices. Israel launches airstrikes, Iran retaliates, conflict escalates. War kills over 2500, oil prices surge past $100 per barrel, causing disruptions globally. Iran demands ceasefire terms, back-channel talks stall. U.S. spends over $11 billion in first six days, no clear plan or endgame in sight. International Energy Agency calls this the biggest oil supply hit ever, affecting 7.5% of global output.
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