US launches fifth straight day of strikes against Iran as Strait of Hormuz shipping collapses 60%

The US has launched five consecutive days of strikes against Iran following the collapse of a previous interim ceasefire. Both nations are engaged in back-and-forth attacks to secure control of the Strait of Hormuz, where shipping has plummeted by 60%. This escalation threatens prolonged global economic instability, specifically impacting inflation, financial markets, cryptocurrencies, and oil prices as the region remains volatile and the conflict continues to intensify between the two powers.