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United States and Israel Continue Military Campaign in Iran as Global Oil Prices Surge

2026-03-28

The BareStory

The military conflict involving the United States, Israel, and Iran has entered its second month following the launch of Operation Epic Fury on February 28, 2026. U.S. and Israeli forces have conducted thousands of airstrikes against Iranian military installations, naval assets, and government sites. The initial strikes killed Iranian Supreme Leader Ayatollah Ali Khamenei, who was succeeded by his son, Mojtaba Khamenei. In response, Iran has launched retaliatory drone and missile attacks against Israel, U.S. military bases, and regional energy infrastructure, resulting in the deaths of multiple American servicemembers.

The hostilities have severely disrupted global energy and shipping markets. Iranian forces have effectively closed the Strait of Hormuz, a critical maritime checkpoint, by targeting commercial vessels and reducing daily shipping traffic by over 90 percent. Consequently, global oil prices have surged, with the Brent crude benchmark rising above $112 per barrel. To mitigate the economic impact, the U.S. and allied nations have released hundreds of millions of barrels of oil from strategic reserves.

President Donald Trump has demanded that Iran reopen the Strait of Hormuz, announcing a pause on U.S. strikes against Iranian energy infrastructure until April 6 to allow for negotiations. While the president stated that talks are progressing positively, Iranian officials previously denied that negotiations are taking place. Meanwhile, the Pentagon is deploying thousands of additional troops to the Middle East. The deployment has prompted concern among U.S. lawmakers regarding a potential ground invasion, leading some congressional members to prepare a war powers resolution aimed at restricting further military action.

The conflict has also drawn in regional actors. Yemen’s Houthi forces launched ballistic missiles toward Israel in stated support of the Iranian government, which the Israel Defense Forces reported successfully intercepting. Additionally, human rights organizations claim the sustained military campaigns have resulted in over 1,400 civilian casualties in Iran, while Lebanese officials report over 1,000 deaths in Lebanon amid expanded Israeli operations against Hezbollah.

Left Perspective

  • Halt the Human Cost
  • Block Ground War Creep
  • Expose the Escalation Trap

Right Perspective

  • Enforce Strategic Deterrence
  • Break the Economic Blockade
  • Neutralize Regional Proxy Networks

How it may affect me

As a U.S. reader:

• In the short term, you may experience higher prices for gasoline and everyday goods due to a 90 percent reduction in Strait of Hormuz shipping and crude oil prices rising above $112 per barrel, though the release of U.S. strategic reserves is intended to temporarily mitigate these costs.

• If you have family or friends in the armed forces, they face immediate physical risks from ongoing retaliatory strikes that have already caused American casualties, alongside the possibility of long-term deployments as the Pentagon sends thousands of additional troops to the region.

• You may see short-term legislative impacts in Washington as lawmakers draft a war powers resolution, a move that could directly determine whether the U.S. enters a long-term ground invasion by limiting the president's ability to escalate military action.

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