Revision History

On June 6, 2026, Iran launched missiles and drones toward the Strait of Hormuz and Gulf state targets, prompting U.S. intercepts and renewed debate over seizing $24 billion in frozen Iranian assets to compensate damaged Gulf allies. The strikes — the latest in a conflict that began in February 2026 — threaten the world's most critical oil chokepoint, through which roughly 20 million barrels per day normally transit, and have driven WTI crude above $95 per barrel while war-risk insurance premiums have surged 4,000-fold.