U.S. and Israeli Airstrikes on Iran Trigger Conflict, Shipping through Strait of Hormuz Disrupted

In the early hours of February 28 local time, the United States and Israel launched coordinated military strikes against the Iranian government, targeting Iranian military and nuclear facilities. Iran's Supreme Leader Ayatollah Ali Khamenei and several senior members of the Defense Committee were killed in the attacks.

Iran swiftly retaliated, firing missiles and drones at Israel and U.S. military bases in the Gulf region, with strikes affecting multiple countries including Qatar and the UAE.

Rafael Grossi, Director General of the International Atomic Energy Agency (IAEA), warned that attacks on nuclear facilities could lead to radioactive leaks, necessitating large-scale evacuations of residents in affected areas of Iran. The conflict has had the most significant impact on global energy supplies, with shipping through the Strait of Hormuz grinding to a halt. As the world's most critical energy chokepoint, the strait normally sees around 15 million barrels of crude oil and other energy products pass through daily, accounting for 20% of global oil production. Following Iran's warning barring vessels from passage, insurers withdrew war risk coverage, causing oil tankers to anchor outside the strait. According to a senior analyst at Kpler, traffic through the strait had dropped by 75% by Saturday.