The tension has partially closed the Strait of Hormuz and restricted the movement of oil and gas through one of the world's most critical energy corridors.
Oil prices jumped to their highest levels in 4 years, as Middle East exports plunged by more than 50%.
Washington executed new strikes inside Iran against military sites, boats, and drones that it stated threatened navigation.
In parallel, talks are underway to extend a temporary 60-day truce and reopen shipping lanes.
However, disputes persist over the nuclear program, sanctions, and navigation guarantees.
Markets are betting on a de-escalation, while analysts warn that the recovery of energy flows could take months even if the ceasefire holds.