What's going on with US Iran Strikes 2026

Paul Krugman says Trump's Iran war has created the equivalent of '$140 oil'.

Soaring gasoline refining costs are amplifying the economic impact of higher crude oil prices.

Krugman warns of 'uglier' fallout if the conflict escalates.

Indian rupee opened 10 paise lower at 96.34 against the US dollar.

Brent crude oil prices rose to nearly $92 per barrel, a level not seen since June.

The rupee weakened due to the continued climb in Brent crude prices.

Trump threatened to bomb Iran's Fordow nuclear facility, also known as Pickaxe Mountain.

The threat came amid uncertainty over what is stored at the site.

The UN nuclear watchdog has never been granted access to Fordow.

Brent crude touched a five-week high above $94 a barrel as US-Iran tensions intensified.

Analysts expect crude prices to remain in the $90-100 a barrel range, not a sustained climb toward $112.

Manoranjan Sharma of Infomerics Valuation and Rating Limited said current prices do not signal a major structural supply disruption.

Sharma noted that a move to $120 would require a fresh escalation, such as a prolonged Strait of Hormuz disruption.

Investors are watching crude oil inventory data, as an unexpected drop could push NYMEX prices toward $90, said Deveya Gaglani of Axis Direct.

President Donald Trump issued a direct warning to Tehran via Truth Social.

Trump stated the U.S. will target Iranian critical infrastructure in response to any attack on ships in the Strait of Hormuz.

The retaliation policy specifies destruction of one bridge or power plant in or near Tehran for each attack.

The warning covers attacks using missiles, rockets, drones, or any other weapon against maritime vessels.

The policy aims to deter hostile actions against commercial and naval shipping in the Strait of Hormuz.