U.S. and Israeli military action against Iran nears end, but no coalition formed for Strait of Hormuz security amid European caution and rising global costs.

Trump says the U.S.-Israel military campaign against Iran will end soon but won’t conclude this week, as European allies demand clearer strategic goals before joining a proposed coalition to secure the Strait of Hormuz. While some nations like the Netherlands, Italy, and Greece show interest in limited naval support, Germany, the UK, and the EU oppose expanding NATO or Operation Aspides into the region, citing NATO’s defensive mandate and lack of legal justification. The conflict has raised global oil prices over 40%, disrupted supply chains for pharmaceuticals, semiconductors, and fertilizers, and forced shipping reroutes, with no formal coalition yet formed.