The United States conducted the 13th night of strikes on Iran, targeting military infrastructure, drone facilities, and naval capabilities after President Trump vowed significant punishment for Tehran and its Houthi allies over Red Sea tanker attacks. Iran and allied groups retaliated with attacks on U.S. bases and assets across Bahrain, Jordan, Kuwait, and northern Iraq, intensifying a conflict that has driven global oil prices above $100 per barrel. The Red Sea and Hormuz chokepoints have become focal points, as Houthis reportedly impose a blockade in the Red Sea and tanker traffic reroutes through the Suez Canal, increasing insurance costs and disrupting routes. Market observers say ongoing actions are fueling volatility and may reflect shifts in Iranian strategy, with oil markets reacting to the security situation and spillovers. Diplomatic signals remain mixed, with reports of U.S. peace proposals and Iraqi mediation efforts, while Iran has dismissed some reports as misleading. Overall, the conflict has widened beyond Iran to involve regional partners and shipping lanes, with substantial global economic and security implications and no clear resolution in sight.