Oil prices surpassed $126 a barrel on Thursday morning, its highest price since 2022, as President Donald Trump mulls an extended blockade of Iranian ports.

The Reuters Iran Briefing newsletter keeps you informed with the latest developments and analysis of the Iran war.

"Prospects for any near-term resolution to ‌the Iran ⁠conflict or a reopening of the Strait of Hormuz remain dim," IG market analyst Tony Sycamore said in a note.

A top Pentagon official said Wednesday that the cost of the ongoing U.S. war with Iran is estimated to be $25 billion so far, as the conflict nears a 60-day mark.

US President Donald Trump has claimed that Iran is in a “state of collapse” and has requested the United States to lift its blockade on Iranian ports as quickly as possible.

The US military has spent roughly $25 billion on the war with Iran since it began in late February, the Pentagon’s top financial officer told lawmakers on Wednesday.

Defense Secretary Pete Hegseth will face questioning from lawmakers Wednesday for the first time since the Trump administration launched the war against Iran, which Democrats have contested as a costl...

U.S. officials are venting about their fears that President Donald Trump’s war with Iran is turning into a toxic stalemate, the Daily Beast reported.

The US Federal Reserve held interest rates steady on Wednesday as rising oil prices due to the Iran war added to growing concerns over inflation. It marked the third consecutive meeting in which the US central bank has left rates within the range of 3.