March to July: What’s different as US-Iran fighting escalates again?

Air raid sirens have blared over Gulf nations as the United States and Iran have launched expansive attacks against each other again, escalating tensions as their fragile ceasefire has unravelled over the past week.

Oil prices have spiked, and markets have plunged after Tehran shut down the Strait of Hormuz, the global energy kill switch  and the biggest flashpoint in the ongoing conflict.