Iran has effectively closed the Strait of Hormuz, through which 20% of the world's oil passes, holding global oil prices hostage as the conflict escalates. Israel and the United States continue striking targets in Iran, with Israel stating it has 2,000 targets remaining, while Iran retaliates with drone and missile attacks on Israel and neighbouring countries including Iraq. President Donald Trump is struggling to form a coalition of allied navies to protect oil tankers in the strait, with traditional allies including Australia declining to send warships, as Israel prepares a ground offensive into southern Lebanon that has already caused over 800 deaths and displaced a million people.

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