US and Iran escalation ongoing
The article discusses the ongoing escalation between the United States and Iran over the Strait of Hormuz, where both sides are exchanging limited strikes in an effort to manage the escalation without descending into open war. Washington aims to prevent Iran from controlling the Strait and has imposed sanctions to cripple its economy, while Iran is taking measures to influence the passage through the Strait and its impact on the global economy, while avoiding prolonged economic exhaustion. Both parties need an exit from this escalation, with a likelihood that tensions will persist until the U.S. midterm elections in November. This is due to the risks posed by uncontrolled escalation to the region and oil markets, which have seen oil prices rise to over $90 per barrel.
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