The Cycle of Escalation: A Looming Full Scale War in the Gulf The recent exchange between Iran and the US has all the hallmarks of a catastrophic full scale war, with far reaching consequences for global oil markets and regional stability.
This latest violence follows Iranian state media reports that four civilians were killed in a US strike on a wedding party.
The international community's focus remains fixed on the Strait of Hormuz, which connects the Persian Gulf to the Arabian Sea and accounts for nearly 20% of global oil exports.