Tensions between the US and Iran escalated significantly from mid-February, marked by an intensifying US military buildup in the Middle East as both nations prepared for potential conflict, prompting Russia to warn the US against further strikes on February 19. By March 5, US-Israeli strikes continued across Iran, with Iran reportedly striking Azerbaijan and a US oil tanker. The US reported on March 6 that Iranian missile attacks were down 90% after strikes from B-2 bombers. The conflict intensified by March 19 when Iran retaliated by striking Qatar's Ras Laffan gas complex, causing global market jitters and prompting US President Trump to consider deploying thousands of American troops. On April 2, US President Donald Trump claimed victory was nearing and threatened further escalation, to which Iran responded by threatening 'more crushing' actions, vowing to continue fighting, and reportedly firing missiles at Israel and Gulf neighbors. The Strait of Hormuz became a central flashpoint, with reports on April 16 examining the legality of Iran potentially imposing tolls on vessels, and US Navy maneuvers further escalating tensions on April 17. By April 30, the US military was preparing for potential 'short and powerful' strikes on Iran, rejecting Iran's de-escalation proposal and seeking forfeiture of seized oil tankers. South Korea attributed a recent ship attack in the Strait of Hormuz to Iran on May 14. On May 15, Trump publicly stated his desire to recover Iran's enriched uranium stockpile for "public relations," and on May 28, the US carried out new strikes on an Iranian military site.

Amidst these military actions, diplomatic efforts emerged, with reports on May 29 indicating significant progress in US-Iran talks towards a ceasefire or framework agreement, causing global markets to react positively. However, military actions quickly resumed. On June 11, the US launched major strikes on targets in Iran, to which Iran retaliated against US military bases in Jordan, Bahrain, and Kuwait. By June 14, protests erupted in Iran against a potential peace deal with the US, even as President Trump announced an expected peace deal, facing domestic skepticism. On June 15, the US and Iran reportedly reached a peace deal, with a signing ceremony scheduled for June 19 in Switzerland. On June 16, the US and Iran reached an agreement, leading to oil prices falling to $83 per barrel and the US stock market climbing. On June 17, oil prices fell to a three-month low amid hopes of a US-Iran deal.

Most recently, on June 18, the US and Iran sign a peace/ceasefire deal. This agreement includes Iran reopening the Strait of Hormuz and aims to end the war, though President Trump warns of resumed attacks despite the peace deal. On June 19, oil tankers resume movement through the Strait of Hormuz, causing oil prices to fall further, while US envoy Vance postpones his Switzerland trip for US-Iran talks. As of June 20, the US envoy and Iranian foreign minister travel to Switzerland for nuclear talks.