On February 28, 2026, the world witnessed a dangerous escalation with the outbreak of war involving Iran, after the United States and Israel launched airstrikes on military sites and strategic facilities in Tehran, reportedly killing several senior Iranian commanders. Iran responded by firing missiles and deploying drones at targets inside Israel and at U.S. bases in the Gulf. Meanwhile, the naval arm of the Islamic Revolutionary Guard Corps notified vessels that the Strait of Hormuz was closed to navigation, although no official closure was announced by the Iranian government. This rapid escalation raises pressing questions about the potential repercussions for the Iranian and global economies—particularly energy markets and oil prices.