War in the Middle East

The most recent Middle East conflict started on Feb. 28, 2026, when the U.S. and Israel launched co-ordinated military strikes on Iran. In response, Iran launched retaliatory missile and drone attacks directed at Israel and Gulf region countries that are home to several U.S. military bases. Lebanon was drawn into the conflict after the Iran-backed Hezbollah militia launched a volley of rockets at Israel, who responded with air strikes on traditional Hezbollah strongholds in southern Lebanon and beyond, including in Beirut. Iran has continued to launch widespread attacks on Israel and neighbouring Gulf states, while the U.S. and Israel have pressed on with targeted strikes across Iran.

The conflict has sent oil prices soaring, shedding new light on the importance of the Strait of Hormuz, a narrow waterway linking the Persian Gulf energy exporters with global markets. Iran’s new Supreme Leader, Mojtaba Khamenei, has vowed to keep the passageway effectively closed, choking off the flow of Middle Eastern oil and gas in what the International Energy Agency is calling the biggest oil supply disruption in history.