US-Israel-Iran War Latest Live News: The US-Israel-Iran conflict is entering another uncertain phase, with diplomacy showing limited signs of progress while military and maritime tensions continue. Qatar has also said separate Oman-Iran discussions concerning management of the Strait of Hormuz have reached a critical stage. US-Israel-Iran War Latest News: Why Strait of Hormuz MattersThe economic stakes are enormous. About 25% of global seaborne oil trade passed through the Strait of Hormuz in 2025, according to the International Energy Agency. Until that happens, the Strait of Hormuz will remain both a military flashpoint and a powerful pressure point for the global economy.