The fragile ceasefire between the United States and Iran has collapsed. President Donald Trump declared the agreement "over" on July 14th, following a week of military escalation.
The US struck roughly 90 to 140 Iranian military targets between July 8th and 13th. This was in response to Iranian attacks on commercial shipping in the Strait of Hormuz. Iran retaliated with missile and drone strikes on US bases in Bahrain, Kuwait, and other Persian Gulf locations.
President Trump effectively ended a ceasefire signed on June 17th with Iranian President Masoud Pezeshkian. The deal, aimed at de-escalation and reopening shipping lanes, lasted only 21 days. Trump also floated the potential reinstatement of a naval blockade.
The conflict sent shockwaves through financial markets. Bitcoin fell over 2%, trading near $62,000. Approximately $350 million in liquidations swept the crypto market, hitting leveraged traders. Oil prices surged on fears of supply disruptions.
The Strait of Hormuz is a critical chokepoint, with about one-fifth of the world's oil supply passing through it daily. The current conflict traces back to US-Israeli airstrikes in late February 2026, which led to blockades and a brief ceasefire in April.