Two weeks into the Israel-U.S. led war on Iran, the consequences are spreading far beyond the battlefield. Oil prices have surged, markets are rattled, and fears are growing over what happens next in the Strait of Hormuz, the vital waterway that carries roughly a fifth of the world’s oil. As the death toll rises, Iran continues its attacks across the region, and political leaders offer little clarity on the endgame, Erdem Koch, Ozan Ibrisim and Rodney McCune ask the question on everyone’s mind: is this conflict heading toward de-escalation, or are we only at the beginning of something much bigger?