The United States and Israel are at war with Iran, in a conflict that has entered its third month and is rattling oil markets and global politics. Here is what we know so far.

The war began with US-Israeli strikes on Iranian targets and has since involved missile exchanges, attacks on energy infrastructure, and threats to shipping through the Strait of Hormuz.

What are the demands? Iran says it will not end the war without full sanctions relief and compensation for war damage. Washington wants limits on Iran’s nuclear and missile programmes — a gap that has blocked every negotiation attempt.

This week, Iranian Foreign Minister Abbas Araghchi outlined a seven-day plan for peace involving a ceasefire and nuclear talks, while denying that President Trump had offered sanctions relief.

What does it mean for you? Oil prices are the biggest impact. Brent is near $99 a barrel, Wall Street banks forecast around $90 for the fourth quarter, and some warn of $120 if Gulf production is hit.

The war is also feeding inflation and weighing on stock markets worldwide. Ceasefire talks remain stalled, with neither side willing to move first.