The conflict, which started with major combat operations by the U.S. and Israel, has far exceeded the Trump administration's initial estimate of four to six weeks. Geopolitical analysts believe there is no end in sight, with peace talks having collapsed and attacks continuing on ships in the Strait of Hormuz. While oil prices remain volatile, Brent crude futures have gained almost 20% since the war's onset, though they are now trading about a third lower than their April peak of $126.41 a barrel. Equity markets have largely disregarded the conflict's implications, rallying this year on corporate earnings optimism.