Iran's conflict spreads to the Red Sea and Caspian Sea as the US pauses strikes. Traffic normalization in the Strait of Hormuz by August 31 at 14.5% YES.

Iran's conflict escalates to the Red Sea, raising oil supply concerns. Strait of Hormuz traffic normalization by August 31 at 13.5% YES.

Iran-aligned groups escalate attacks on Red Sea shipping. Strait of Hormuz traffic returns to normal by August 31 at 10.5% YES.

The US-Iran conflict has expanded beyond direct military strikes between the two sides, with Iranian-aligned militants in Yemen targeting shipping routes in the Red Sea. The…