The US Secretary of Defense denied that the US-Israel war on Iran is a ‘quagmire’ and claimed critics posed a greater threat to the US than Iran itself. The war’s cost is exceeding $25 billion, and President Trump stated he is prepared to maintain a naval blockade until a deal is reached. Brent crude rose to $119 per barrel, reflecting heightened tensions and concerns about the Strait of Hormuz.
The United States has spent $25 billion on the war with Iran, representing the Pentagon's estimate of military costs. This conflict has led to rising gasoline prices and agricultural product costs in the US. President Trump's approval ratings have decreased due to the war.
The Iran-US-Israel conflict has caused significant supply chain disruptions in India, leading to a decline in oil imports and exports. The instability at the Strait of Hormuz has impacted India's economy substantially, with a drop in crude oil supply and increased shipping costs. This situation has also affected the operations of Indian petrochemical companies.