In the 2026 Iran war, triggered by U.S.-Israeli airstrikes on Iranian missile sites, nuclear facilities, and military infrastructure starting February 28, Iran retaliated with missile and drone barrages against Israel in March and early April, confirming military action by April 30 and resolving the market accordingly. A fragile U.S.-brokered ceasefire has held since late March, enabling Iran to regenerate degraded missile and drone forces, per April 29 assessments. Supreme Leader Mojtaba Khamenei reaffirmed Tehran's control over Strait of Hormuz shipping on April 30 amid U.S. threats of intervention, while Hezbollah conducted a drone strike wounding 12 Israeli soldiers near the northern border. Ongoing U.S.-Iran negotiations and potential Hormuz escalations loom as key risks.