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Three weeks into the U.S.-Israeli military campaign against Iran, the conflict shows no signs of slowing down — and the economic consequences are being felt worldwide. The Strait of Hormuz, a critical chokepoint responsible for roughly 20% of global oil and liquefied natural gas shipments, remains effectively closed due to Iranian drones and naval mines, pushing energy prices higher and stoking inflation fears across international markets.
President Donald Trump has grown openly frustrated with Western allies who declined his request to send warships to help secure the waterway. Germany, Spain, and Italy have all stated they have no immediate plans to contribute naval support. German Chancellor Friedrich Merz cited the absence of a formal mandate from the United Nations, the European Union, or NATO, and noted that neither Washington nor Israel consulted Berlin before launching the military offensive. Trump, speaking from the White House, acknowledged that some allies had expressed willingness to help while others — nations the U.S. has long protected — showed little enthusiasm.
Meanwhile, military activity across the Middle East continued to intensify. Israeli forces carried out strikes on Iranian infrastructure in Tehran and Hezbollah positions in Beirut, while Iran launched retaliatory overnight strikes on Israel and the United Arab Emirates. A drone struck an oil facility in Fujairah for the second day running, and operations at Abu Dhabi's Shah gas field were temporarily suspended. Rockets and drones also struck near the U.S. embassy in Baghdad in what Iraqi sources described as the most intense assault since the conflict began.
Trump admitted he was caught off guard by Iran's decision to target neighboring Gulf states, including Qatar, Saudi Arabia, Bahrain, and Kuwait. U.S. intelligence officials, however, had reportedly warned that attacking Iran risked triggering exactly this kind of regional spillover. Since the war began on February 28, at least 2,000 people have been killed across the region, including more than 200 children in Iran.
