Oil Prices Spike as U.S.-Iran Conflict Shatters Ceasefire

President Trump defended the U.S. military action, citing American fatalities, even as he faces significant political fallout from domestic gasoline price hikes. The escalation has moved beyond military bases, with reported strikes on critical desalination plants fueling growing fears of a severe water crisis across the Gulf.

Shipping through the Strait of Hormuz remains heavily disrupted, creating a bottleneck that threatens global energy supplies. Despite the rapid hardening of positions, both Tehran and Washington have signaled a potential willingness to return to the negotiating table, leaving the door slightly ajar for diplomatic intervention before the situation spirals further.