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متتبع أزمة إيران-الخليج 2026
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strikeAug 28, 2026

Six months into the Iran war: Markets become accustomed to stalemate with no end in sight

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Six months into the Iran war: Markets become accustomed to stalemate with no end in sight - Six months after the U.S. and Israel launched major combat operations in Iran, the conflict has settled into a prolonged standoff with no clear end in sight. - The Trump administration has shifted toward economic pressure, including planned secondary sanctions, as it pulls back from further major military escalation. - Experts told CNBC the strategy is unlikely to force Iran to capitulate quickly, while continued attacks around the Strait of Hormuz keep escalation risks high. Friday marks six months since the U.S. and Israel launched "major combat operations" in Iran, prompting retaliatory strikes on targets across the Gulf and sparking a new war in the Middle East. What was initially expected to be a weeks-long conflict has evolved into a standoff that geopolitical analysts say has no end in sight. But the nature of the war has also shifted, with the White House turning its focus to ramping up financial pressure on Iran and its trading partners, a strategy President Donald Trump labeled "economic D-Day." But the conflict's trajectory remains deeply uncertain. Ships attempting to transit the Strait of Hormuz continue to come under attack, peace talks have seemingly collapsed, and questions hang over whether the Trump administration is willing to extend its planned secondary sanctions to China — one of Iran's biggest trading partners. A White House official told CNBC that the U.S. is now "entering the endgame" of its war. The Iranian government has also been approached for comment. Markets grow accustomed to war Oil prices remain volatile amid the ongoing uncertainty. Front-month Brent crude oil futures have gained almost 20% since the war began — but the contracts are now trading around a third lower than their April peak of $126.41 a barrel. The oil market remains in backwardation, a phenomenon that occurs where futures contracts with immediate or near-term deliveries sell at a premium over later deliveries, suggesting an expectation that prices will fall over time. Equity markets have also largely shrugged off the potential ramifications of the conflict, with global stocks seeing a broad rally this year as corporate earnings optimism outweighed concerns about the war's implications for the world economy. No breakthrough in sight As the war neared the six-month milestone, Middle East experts told CNBC that while the nature of the conflict appeared to have shifted, a near-term breakthrough to bring the war to an end is unlikely. "The conflict has lapsed into a standoff, with neither side apparently ready to escalate or make concessions," said Gregory Brew, a senior analyst specializing in Iran and energy at Eurasia Group. Brew said the U.S. had backed away from escalating strikes on Iran, seemingly deterred by the risk of significant Iranian retaliation and concerns that another round of heavy fighting would further deplete munitions stockpiles. "Instead, Trump has opted for a pressure campaign, a 'wait and see' approach, hoping that economic pressure compels the Iranians to capitulate," he told CNBC in an email — but he noted that a breakthrough "doesn't look imminent." "It's unlikely to work," he said of Trump's so-called "Economic D-Day." "Iran has been very resilient in the face of U.S. economic pressure, and while it faces the worst economic crisis since the 1980s," Brew added. "Its leadership is more likely to resist and escalate than to give in to U.S. demands." Will Todman, a senior fellow with the CSIS Middle East Program, agreed that it appeared the U.S. had pivoted to a new strategy. "The 'D-Day' announcement of secondary sanctions on Iran was the clearest sign that economic warfare is now the Trump administration's preferred strategy," he said. "However, there is little evidence to suggest that an economic-centric strategy will force the Iranians to capitulate or make more substantial concessions in talks." Iran's economy squeezed Steven A. Cook, Senior Fellow for Middle East and Africa Studies, Council on Foreign Relations, said the U.S. would likely respond militarily if any American ships or personnel are attacked, but added that the Iranian leadership is prepared to endure a lot of hardship and inflict a lot of pain on its own population. "That suggests they will not give up or compromise so quickly," he said. "There is no telling how long this will go on. The president thought the war would last four to six weeks. He never expected them to resist effectively. The Iranians have now discovered the power of their geography and seem unwilling to give up on controlling/administering the Strait of Hormuz." Dennis Ross, a former U.S. diplomat who served as the special Middle East coordinator under President Bill Clinton, told CNBC it seems clear for now that Trump does not want to resume all-out military operations. "His new approach is to tighten the economic noose around the Iranians," he said. However, Ross noted that over the years, the Iranian regime has "become good at workarounds and evasion of sanctions." "But the combination of the blockade and what may be tighter enforcement of sanctions will put more pressure on an Iranian economy already in free fall," he said in an email. "That said, this Iranian leadership does not mind imposing hardship on its public and thinks it can outlast the president." If the new approach is successful in squeezing the Iranian economy significantly more, he added, there was a good chance Tehran would escalate militarily or target its neighbors' ability to export. Trump told Al Jazeera on Wednesday that he was prepared to continue the Iran war for as long as necessary. But experts said a lack of clarity on Washington's objectives made it difficult to quantify what would actually constitute mission accomplished for the White House. Measuring success in the Iran war "The Trump administration has still not defined what victory for the United States would look like, although it has articulated wide-reaching goals," CSIS's Todman said. "These range from ending Iran's nuclear program to opening the Strait of Hormuz to regime change. It is therefore impossible to determine if the U.S. can win or not." He added that it was very unlikely Iran would make the concessions the president wants to see. "They feel emboldened by their ability to withstand six months of war with the United States and Israel, despite having far inferior military capabilities." Michael O'Hanlon, director of research in the Brookings Institution's Foreign Policy program, said Trump had "blundered in getting into a war with unrealistic expectations of what it would entail or how long it would last," and had settled on "the least bad option." "Whether we win or lose in a zero-sum sense against Iran, we should worry about three central things and keep our eye on the ball: reducing, limiting [or] ending the violence, reopening Hormuz, and putting a long-term lid on Iran's nuclear program," O'Hanlon, who specializes in U.S. defense strategy, the use of military force, and American national security policy, added. "If that happens, our core strategic objectives will be realized — whether we have bragging rights to have 'won' the war or not."

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  • Chloe TaylorBy Chloe Taylor

    Six months into the Iran war: Markets become accustomed to stalemate with no end in sight - Six months after the U.S. and Israel launched major combat operations in Iran, the conflict has settled into a prolonged standoff with no clear end in sight. - The Trump administration has

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As the U.S.-Israeli war against Iran reaches the six-month mark, the Islamic Republic retains dangerous options to impose even higher costs on its militarily superior foes. One tactic raises particular concern among former officials and analysts. At a time when Iran has inflicted billions of dollars of damage in its missile and drone attacks against regional military sites and infrastructure and upended global energy markets with its throttling of traffic in the Strait of Hormuz, a dedicated Iranian cyber campaign could strike at the heart of the U.

S. and potentially prove even more disruptive to both national security and everyday life. Recent reports have already linked Iran to hacks in July that shut down a power plant in the United Kingdom and up to 30 water systems across the U.S. "Cyber is tailor-made for Iran’s asymmetric playbook," Frank Cilluffo, a former Department of Homeland Security official who played a lead role in the White House's immediate post-9/11 security overhaul, told Newsweek.

"Tehran does not need to match the United States plane for plane or ship for ship," Cilluffo, now director of Auburn University's McCrary Institute for Cyber and Critical Infrastructure Security, said. "It can look for softer seams in our economy and critical infrastructure, impose costs far from the battlefield, and create uncertainty about when and where the next shoe may drop.

" The War on Data Since the start of the conflict, Iran has already displayed the capacity to supplement its attacks on military and trade logistics with targeting data centers in the Persian Gulf region that serve a similarly crucial role. In the words of Islamic Revolutionary Guard Corps (IRGC) spokesperson Brigadier General Hossein Mohebbi during a conference on Monday, "when we destroy an Amazon data center in Bahrain, it does not mean we destroy a company or a complex, it means that we have destroyed and shattered the brain of the operations processor.

" Cilluffo called this strategy "particularly instructive," as it demonstrated Tehran's awareness of how "data centers are no longer simply commercial facilities, they are increasingly the backbone of our economies, AI capabilities and, in some cases, national security.

" An even more dire scenario he pointed out could see Iran combine its kinetic drone and missile capabilities with an added cyber component, potentially even artificial intelligence, to create simultaneous pressure across physical and digital targets.

Even "a limited disruption," Cilluffo warned, "can be exaggerated and amplified through disinformation and social media to create the perception of a much larger attack." "An adversary does not have to destroy critical infrastructure to achieve strategic effect.

It can turn a tactical disruption into outsized economic, psychological and political consequences," he said. "The mistake would be to think of an Iranian cyberattack as something separate from a wider conflict. Tehran has spent decades learning how to operate asymmetrically across domains," he added.

"Cyber gives it another means to reach beyond the battlefield and bring the consequences of a conflict directly to the homeland." The Roots of Iran's Cyber Revolution While not traditionally viewed as having access to the same resources or capabilities as top U.

S. rivals China and Russia, both of whom have also been implicated in scores of cyber operations carried out against the U.S., Iran has a long history engaging in battle on this front. Tehran has also been a frequent target of cyber infiltration, with one of the first major instances being the infamous Stuxnet computer worm that swept through and degraded or destroyed thousands of systems tied to Iran's nuclear enrichment facilities in late 2009.

The disastrous episode served as an impetus for Iran to develop and hone its own cyber prowess. "Iran has been building their capabilities ever since being on the receiving end of the U.S.-Israeli Stuxnet operation, nearly 15 years ago," Jason Healey, a founding member of the White House's Office of the National Cyber Director and the world's first-ever cyber command, Joint Task Force for Computer Network Defense, told Newsweek.

In 2012, then-Iranian Supreme Leader Ali Ayatollah Khamenei, who was later killed on the first day of the ongoing war after Israel allegedly hacked traffic and CCTV cameras to track leadership movements, ordered the establishment of the Supreme Council of Cyberspace.

And by 2015, the IRGC had formed its own Cybersecurity Command, though the elite force had previously pursued cyber activities through its Center to Investigate Organized Crimes. While the stated mission of the IRGC's cyber wing largely pertains to maintaining internal security, preserving the Islamic Republic's values and defending against foreign foes, U.

S. experts and officials also see an offensive mandate. Newsweek has reached out to a representative of Iran's National Center for Cyberspace for comment. Contacted for comment, a U.S. defense official told Newsweek that, "as a matter of operational security, we do not comment or discuss cyber intelligence, plans, operations capabilities, or effects.

" Lethal Potential In most cases, suspected Iran-affiliated cyber operations are attributed to apparent proxy groups, including the Iranian Cyber Army, first active in 2009 as one of the earliest known groups linked by analysts to Iran. Many more have emerged since, such as those variously designated as APT—or Advanced Persistent Threat—33 (Elfin Team), APT 34 (Helix Kitten), APT 42 (Mint Sandstorm) and MuddyWater.

The latest alleged Iranian attacks on U.S. water systems were not the first of their kind. Iran-tied actors were blamed for earlier cyberattacks against a New York dam in 2013 and Pennsylvania local water authority a decade later, the latter being carried out by a group calling itself CyberAv3ngers.

CyberAv3ngers is one of several actors to have emerged in the wake of the outbreak of the war in Gaza in October 2023. Another known as the Handala Hack Team has taken credit for a number of attacks throughout the nearly three-year Middle East crisis, perhaps most notably wiping the systems of U.

S. medical company Stryker Corporation in March of this year, shortly after the start the of the U.S.-Israeli war against Iran. Even more recently, Iran's semi-official Tasnim News Agency reported Tuesday on an operation by the so-called Cyber Support Front to infiltrate the network of Israeli company Novamill, claimed to be involved in the manufacturing of weapons systems.

Healey, now serving as senior research scholar at Columbia University’s School for International and Public Affairs, warned "someday soon they might succeed with an attack on U.S. infrastructure that disrupts services and maybe even leads to deaths either directly or indirectly (such as by water outages that lead to disruption of hospitals).

" "Even to a modest event, any president might then feel the need to respond militarily and not tolerate it, as has been more the norm," he said. 'Less to Lose' Michael Sulmeyer, professor at Georgetown University's School of Foreign Service who previously served as the Pentagon's assistant secretary for cyber policy and principal cyber adviser, recently outlined in Foreign Policy a number of ways in which China could exploit gaps in local defense infrastructure using AI-enhanced cyberattacks in the event of an escalation over Taiwan.

And he told Newsweek that "much of the same logic could apply to Iran." The most "concerning scenarios" he saw involve not a single massive "cyber Pearl Harbor" strike, but a wave of operations targeting critical infrastructure, either in the U.S. or among regional partners—potentially a combination of both.

In addition to water and power systems other sites of interest include pipelines and factories. Sulmeyer also raised the alarm on the insufficient pace at which the U.S. was adapting to the rapidly evolving capabilities of AI-powered cyberattacks with some systems taking years to properly bring up to date with the current threat landscape.

And while he noted that "the United States and Israel, among others, have significant combat power in cyberspace as well," there is another element that may compound the risk factor in dealing with Iran's cyber corps at a time when the Islamic Republic was fighting what it viewed to be an existential battle.

"Unlike many other nations, leaders in Tehran probably feel they have less to lose when conducting cyber operations for disruptive effect in addition to more traditional reconnaissance work," Sulmeyer said. A Twofold Strategy Already, Iran appears to be quietly scoring gains via a "twofold" strategy described by Nikita Shah, a former U.

K. national security official serving today as senior fellow with the Center for Strategic and International Studies' Intelligence, National Security, and Technology program. The first involves the use of cyber espionage to support kinetic strikes through informing target selection and battlefield damage assessment, while the second constitutes efforts to shape the narrative of the conflict and events surrounding it in Tehran's favor, including with the potential use of AI-enhanced media operations.

"This means using disruptive—but opportunistic—cyberattacks (like hack and leaks, the Stryker incident, or even likely the recent cyberattacks against the U.S. water sector) to cause localized disruption, and then to amplify the impact of those attacks through international media," Shah told Newsweek.

"This serves Iran’s information warfare goals, by provoking and dividing different global audiences, sowing fear and division that it can manipulate over the course of the conflict," she added. And the "unfortunate targets" include U.S. organizations and businesses.

"Iran will want to drag them into the war by targeting them with low-level cyber-attacks," Shah said. "In other words, causing collateral damage to them is the point—Iran will want to wear down domestic U.S audiences in the hope that this will turn U.

S. public opinion against the war, as a means of attrition." Contact Newsweek editors on this story: Edward T. Cummins and Tony Phillips.

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The U.S. Central Command (CENTCOM) stated that U.S. forces have cleared Iranian sea mines from the Strait of Hormuz, laid months ago by the Islamic Revolutionary Guard Corps (IRGC). In a video update on X late Thursday, Commander Adm. Brad Cooper termed the achievement a “major milestone,” stating that “international shipping lanes are open and momentum is building.

” He shared a nautical chart of the Strait of Hormuz and said the mine-clearing operation over the months was challenging and involved meticulous efforts of the Navy divers, special operations, and air assets, among other forces. “The circumstances were challenging and dangerous to say the least, but we got the job done,” said Cooper.

In recent months, nearly 1,500 vessels carrying approximately 750 million barrels of crude oil have navigated the waterway, said Cooper. Concurrently, around 50,000 U.S. troops have been enforcing a “highly effective” naval blockade, as a result of which there were ‘zero” oil exports from Iran, he said.

The CENTCOM Commander added that, as part of broader regional efforts, which involve over 20 warships and hundreds of aircraft, U.S. operations have turned back 75 vessels and disabled three non-compliant ones amid escalating tensions with Iran. “No ships have entered or left an Iranian port without our permission, and we have only allowed ships to pass through on humanitarian grounds,” added Cooper.

US Naval Blockade Hits Iranian Oil Exports This development comes against the backdrop of ongoing tensions between the U.S. and Iran, which have been ongoing for the past six months. The U.S. blockade on Iranian oil exports has significantly affected Iran’s oil shipments, according to Kpler data.

Iranian oil loadings fell to 248,000 barrels a day in August, a stark contrast to the 1.85 million barrels of crude a day exported between March and April. Iran’s Mohsen Rezaei told Lebanon’s Al Manar TV that any U.S.-Iran understanding over the Strait of Hormuz must include an end to military operations in Lebanon, Gaza and Syria, along with an Israeli withdrawal from Lebanon and a halt to attacks on Syria.

He stressed that the U.S. must demonstrate its commitment before Iran can rebuild trust. At the time of writing, Brent crude oil futures expiring in October were trading 0.4% lower at $88.17 per barrel, while WTI crude futures expiring in October were trading 0.

5% lower at $83.11 per barrel. Trump in No Rush To Restart Iran Talks President Donald Trump, meanwhile, has adopted a relaxed stance on the timeline for Iran to return to peace negotiations and stated that he is “not in a hurry.” The President stated he has "no time schedule" for Iran to rejoin negotiations aimed at ending the conflict.

The Wall Street Journal reported on Thursday that the Trump administration is not interested in reviving the June memorandum of understanding with Iran. Instead, Trump is waiting to see whether his administration’s economic pressure campaign against Tehran will succeed.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Photo courtesy: Shutterstock © 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. To add Benzinga News as your preferred source on Google, click here.

Location: Tehran
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Reporting characterizes the ongoing US-Iran conflict as a stalemate, noting that while both sides continue exchanging strikes, shipping in the Strait of Hormuz has significantly slowed and oil prices remain elevated. While unverified claims suggest Iran's military infrastructure is severely damaged, analysts indicate that Tehran retains operational capability and strategic leverage over global energy markets.

Location: Iran