Ongoing low-intensity conflict between the United States and Iran, initiated by U.S. and Israeli strikes in early 2026, continues without a congressional declaration of war. A June memorandum of understanding paused major operations and opened talks on sanctions relief, nuclear inspections, and Strait of Hormuz access, yet sporadic missile and drone exchanges persist amid disputes over compliance. As of mid-September 2026, the Republican-led House has approved war powers resolutions for a third time, directing an end to hostilities or explicit authorization, reflecting bipartisan frustration over costs and lack of clear objectives. Trader assessments center on whether sustained executive military action will prompt formal congressional approval or remain limited to existing authorities before any resolution deadline.