Iran live updates: Oil prices rise after strikes in Saudi Arabia, Strait of Hormuz
President Donald Trump announced major combat operations against Iran following a breakdown in negotiations, while simultaneously claiming the U.S. is producing record amounts of high-grade weaponry. Despite the ongoing conflict, Trump has expressed an openness to the concept of negotiating a new deal with Tehran.
Why it matters
The escalation of military conflict in the Middle East and the volatility of oil prices have significant implications for global security and economic stability.
President Donald Trump announced "major combat operations" against Iran on Feb. 28, with massive joint U.S.-Israeli strikes targeting military, government and infrastructure sites.
Delegations from the U.S. and Iran entered negotiations in June aimed at a war-ending deal based on a memorandum of understanding signed by both countries.
Those talks broke down as the U.S. and Iran continued to exchange strikes, with the strategic Strait of Hormuz as the primary flashpoint. Trump then said in August that the U.S. would launch a "crushing economic operation" to force Tehran into submission.
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