EXPLAINER: The US-Israel Conflict with Iran

The US-Israel conflict with Iran has seen multiple phases since initial hostilities began on 13 June 2025 with the 12-Day War. It has been shaped by the willingness or unwillingness of US-Israel allies to join the conflict – as it has been for Iran by the willingness or unwillingness of its allies and proxies to join the fray.

As of 29 August 2026, the war’s current status is that of open ended US economic sanctions, ‘economic D-Day’, in conjunction with the US blockage of the Strait of Hormuz causing inflationary pressure and economic hardship for Iran - with consumer prices rising 87.9% compared to last year, with food and beverage inflation alone jumping more than 128%, and the Iranian Rial devalued by 22% (since the conflict began). President Trump has declared the Strait mine free, removing Iran’s leverage over global energy markets, and dramatically reducing Iran’s ability to export oil.

This briefing will examine the key events of the post-October 7 confrontation with Iran, it’s current status, and what predictions – if any – we can make.