US President Donald Trump warned Iran on March 21, 2026, to reopen the Strait of Hormuz within 48 hours or face strikes obliterating its power plants, as Iranian missiles hit southern Israeli cities Dimona and Arad, injuring dozens.
Key Developments
Iran’s IRGC claimed dominance over Israeli skies, vowing intensified attacks after breaching defenses near Dimona nuclear site. US Central Command aims to curb Iran’s regional power projection; Iran targeted Diego Garcia base without damage.
Oil Supply Crisis
Hormuz blockade halts 20% global oil/gas transit, largest supply shock ever; Brent at $112/barrel. Qatar LNG, Kurdish Iraq fields disrupted; US waiver unlocks 140-150M Iranian barrels temporarily.
Economic Ripples
Shipping giants like Maersk suspended Gulf routes; India faces forex/energy crunch from 9M expats, $200B trade. War enters fourth week with 1,500+ Iranian deaths.
