US-Iran conflict enters sixth month, driving up oil prices and lowering Trump approval

The military conflict between the United States, supported by Israel, and Iran has entered its sixth month, leading to significant economic and political instability. Originally intended to be a brief operation, the ongoing warfare has caused global oil prices to rise by approximately 16%, with Brent crude reaching roughly $94.39 per barrel. This surge, combined with rising inflation, has directly impacted American households, with average gasoline prices climbing from under $3 to over $4 per gallon.

Politically, President Trump’s approval rating has dropped to a historic low of 33%, according to a Reuters and Ipsos poll. Only 31% of respondents support the military action against Iran, while 83% expect the conflict to continue long-term. The economic fallout includes a rise in the U.S. inflation rate to approximately 3.4% and a jump in the 10-year Treasury yield to nearly 4.7%, reflecting market concerns over fiscal stability.

Geopolitically, shipping through the Strait of Hormuz has been severely disrupted, with daily vessel traffic dropping from 130 to as few as 8–15 ships in early August. The conflict has also triggered volatility in Asian markets, including Tokyo, Seoul, and Hong Kong. On the ground, the U.S. has deployed over 50,000 troops, reporting 18 fatalities and nearly 500 injuries since the start of the hostilities.