The situation in the Gulf has escalated dramatically as the US continues to launch airstrikes against Iran in response to attacks on civilian vessels, including a container ship in the strategically vital Strait of Hormuz. Tehran has declared the strait closed amid a flurry of retaliatory strikes targeting Gulf Arab states, heightening fears of a wider conflict. President Trump has declared a ceasefire with Iran over, leading to intensified military actions and significant damage reported on both sides. As oil prices surge and markets react, the potential for a prolonged and devastating war looms large.