The U.S.-Iran war entered a dangerous new phase this weekend. Iran declared the Strait of Hormuz open on Friday, sending oil prices crashing 12% and Wall Street to a record high. Within 24 hours it reversed course, firing on ships after Washington refused to lift its naval blockade. Three U.S. aircraft carriers are now converging on the region, with over 10,000 personnel enforcing the blockade. Peace talks in Islamabad collapsed last weekend with no agreement. Trump insists Iran agreed to hand over its enriched uranium. Iran’s Foreign Ministry flatly denied it. France and Britain are now leading a 40-nation summit on reopening Hormuz, pointedly without the U.S. at the table. The ceasefire, which also covers Lebanon where over 2,100 have been killed, expires Wednesday. A U.S. ground operation in Iran remains on the table. The death toll keeps rising. The exit remains nowhere in sight.
Sources: CBS News · NBC News · CNBC · Reuters · IMF April 2026 World Economic Outlook
