Iran warns US of devastating response amid renewed 2026 conflict

Iran has warned the US of a devastating response as conflict reignites, including attacks on Kuwait power plants. These tensions threaten global oil supplies via the Strait of Hormuz, leading to forecasts of crude oil price spikes and revised Brent crude projections. While some predict a US-Iran deal by 2026, current hostilities are driving concerns over all-time high oil prices by the end of the year amid heightened geopolitical instability in the region.