The ongoing US-Israel war with Iran, now over a month old since February 28 strikes on Iranian nuclear sites and military infrastructure, anchors trader consensus on persistent Iranian military action against Israel. Iran has launched daily ballistic missile barrages—over 400 reported—targeting Israeli population centers, with recent cluster munitions hitting areas like Ramat Gan and a fresh Houthi-claimed joint attack alongside Hezbollah on April 1. Israel's multilayered air defenses have intercepted most, but civilian casualties mount. Diplomatic signals include President Trump's April 1 statement that Iran's new regime president requested a ceasefire, conditioned on reopening the Iranian-controlled Strait of Hormuz amid global oil disruptions; escalation or de-escalation hinges on these talks and proxy involvement.