Al Jazeera examines how the US-Israel war on Iran has shifted into a “no peace, no war” endurance test – a phase of managed instability where neither side has won on the battlefield, yet both are paying an ever‑rising economic price. Two months after the ceasefire halted the bombing, the Strait of Hormuz remains effectively closed, turning one of the world’s most strategic waterways into the centre of a double blockade and a global shock to energy, fertiliser and trade.