Ongoing US-Iran hostilities since February 2026 have involved airstrikes, a naval blockade of the Strait of Hormuz, and proxy engagements without a congressional declaration of war. President Trump’s post-midterm statements describe the conflict as “effectively over,” with major escalation deemed “highly unlikely” absent new provocations, while maintaining readiness for limited action. Diplomatic mediation through Qatar and other Gulf states continues alongside Israeli preparations for potential renewed operations. Oil prices and force posture remain elevated, but recent minor strikes on Iranian air defenses have not altered the absence of formal war authorization. Constitutional requirements for congressional approval and administration emphasis on economic pressure over expanded combat shape trader assessments of near-term formal declaration prospects.