Iranians have become increasingly desperate, as they grapple with an economic crisis made worse by the conflict and grow increasingly skeptical about President Trump’s motives.

© Arash Khamooshi/Polaris for The New York Times

How markets have moved six months into the war, and where they might be headed in the future.

© Angela Weiss/Agence France-Presse — Getty Images

Iranians have become increasingly desperate, as they grapple with an economic crisis made worse by the conflict and grow increasingly skeptical about President Trump’s motives.

© Arash Khamooshi/Polaris for The New York Times

From the first US and Israeli strikes six months ago to the battle for Hormuz, this timeline plots how Trump’s war on Iran quickly became a regional conflict with global economic consequences

On 28 February 2026, the US and Israel began large-scale strikes on Iran. Tehran responded by attacking Israeli and US allies across the Gulf.

Iran’s supreme leader, Ali Khamenei, was killed on the first day of strikes, and the strait of Hormuz – a crucial waterway for transporting oil – was effectively closed soon after. The conflict quickly became a regional war with global economic consequences.

Donald Trump: EPA/Trump Vance transition team

US CENTCOM: AP

Abbas Araghchi: AP

Esmail Baqaei: Getty/Anadolu

Masoud Pezeshkian: AP

Mohammad Bagher Ghalibaf: Getty/NurPhoto

Iran flag: Alamy

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© Composite: Prina Shah for the Guardian / AP / AFP / Getty Images

© Composite: Prina Shah for the Guardian / AP / AFP / Getty Images

© Composite: Prina Shah for the Guardian / AP / AFP / Getty Images

There still is no off-ramp in sight despite President Donald Trump's repeated assertions that the war has been won or a deal to resolve it was nearly complete.

Sheikh Mohammed bin Abdulrahman Al Thani has been a key mediator in the conflict, even as his country has blamed Tehran for hundreds of missile and drone attacks.

© Amr Abdallah Dalsh/Reuters

Internal calls to end war get louder as Gulf neighbours plan alternative pipelines to cut reliance on waterway

Is the strait of Hormuz, recently cited by the office of the Iranian supreme leader as “the pillar of Iran’s new security order”, and as transformative as possessing a nuclear weapon, in reality becoming a fast-diminishing asset, leaving Iran increasingly vulnerable to the new planned US wave of economic sanctions?

It is the key debate that is raging inside Iran, with many different conclusions being drawn for Tehran’s negotiating strategy. Those who warn the strait’s value as a chokehold on the world economy will erode, leaving the country without foreign exchange reserves, argue that Iran’s negotiators should seek a deal soon.

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© Photograph: Majid Asgaripour/Reuters

© Photograph: Majid Asgaripour/Reuters

© Photograph: Majid Asgaripour/Reuters

The U.S. launched what the Trump administration calls "Operation Economic Outcast" against Iran. It includes threats to increase sanctions on Iran's trading partners. The pressure comes as the administration indicates it is trying to avoid returning to war, but cannot overcome Iran's stranglehold over the Strait of Hormuz. Nick Schifrin discussed more with Miad Maleki.