The U.S.-Israel war with Iran, launched in late February 2026 and initially intended to last several weeks, remains unresolved after a June agreement collapsed. A U.S. naval blockade reimposed on July 14 effectively sealed waters south of the Strait of Hormuz to Iranian tanker traffic, reducing Iranian crude loadings to roughly 220,000-260,000 barrels per day in August, down more than 80% from approximately 1.85 million barrels per day earlier in the year. July loadings averaged about 740,000 barrels per day because tankers loaded before the cutoff completed their departures, while August shipments largely went to nearby buyers or floating storage. Non-Iranian Gulf exports recovered to 8.4 million-10.8 million barrels per day by September through expanded U.S.-supported routes. The pressure has not forced Iran's leaders to concede on the Strait of Hormuz, its nuclear program or regional armed groups, and low-level fighting continues. Iran-backed Houthis have intensified attacks on Saudi oil facilities and shipping near the Bab el-Mandeb, helping push Brent crude above $100 a barrel and diesel to a record. The conflict has cost U.S. taxpayers more than $37.5 billion and killed 18 U.S. service members, while worsening prices, fuel lines, currency pressure, joblessness and subsidy strains inside Iran.