Markets, militaries, and diplomats across the world are closely watching the escalating US-Israel war with Iran, even as <a href="https://www.mid-day.com/news/world-news/article/us-israel-attack-iran-investigation-points-to-us-in-iran-school-blast-case-that-killed-over-165-23620087" target="_blank" rel="none noopener">US President Donald Trump</a> suggested the conflict could be brief while warning of a massive retaliation if Iran disrupts global oil supplies through the critical Strait of Hormuz.
<img src="http://images.mid-day.com/images/images/2026/mar/Trump-ii_e.jpg" alt="Donald Trump" width="1280" height="720" /> Donald Trump
The war, which began on February 28 and has already triggered heavy strikes on Iranian military and energy infrastructure, has pushed oil prices close to $120 per barrel before easing as investors weighed the possibility of a shorter <a href="https://www.mid-day.com/news/india-news/article/us-israel-attack-iran-opposition-flags-lpg-shortage-in-country-demands-debate-in-parliament-23620186" target="_blank" rel="none noopener">conflict</a>. The situation intensified after Iran appointed Mojtaba Khamenei as the country&rsquo;s new supreme leader.
<h2>Why the world is watching</h2>
&gt;&gt; Approximately 1 in 5 barrels of global oil passes through the Strait of Hormuz &gt;&gt; Tanker traffic through the route has slowed sharply &gt;&gt; Missiles and drones have targeted oil and gas infrastructure across the Gulf &gt;&gt; International businesses and expatriates are fleeing regional hubs
<img src="http://images.mid-day.com/images/images/2026/mar/Ali-Mohammad-Naini_e.jpg" alt="Ali Mohammad Naini, Revolutionary Guard spokesperson" width="1280" height="720" /> Ali Mohammad Naini, Revolutionary Guard spokesperson
<h2>Markets react: Oil and stocks swing</h2>
Market movement &nbsp; &nbsp;Impact Oil prices &nbsp; &nbsp;Surged near $120 then fell toward $90 US stocks &nbsp; &nbsp;Rebounded on hopes of shorter war Shipping risk &nbsp; &nbsp;Rising insurance and tanker <a href="https://www.mid-day.com/mumbai/mumbai-news/article/us-israel-attack-iran-lpg-shortage-hits-mumbai-hotels-commercial-supply-disrupted-amid-middle-east-crisis-23620162" target="_blank" rel="none noopener">disruptions</a>
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US Israel attack Iran: US President Donald Trump warned of a massive retaliation if Iran disrupts global oil supplies through the critical Strait of Hormuz

US Israel attack Iran: US President Trump warns of massive retaliation if Iran blocks Strait of Hormuz

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Trump says war could be brief but warns Iran against choking Strait of Hormuz. Oil markets jittery as nearly a fifth of world’s supply sails through Gulf corridor

Trump warns of massive retaliation if Iran blocks Strait of Hormuz

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