The war between US-Israel on one side and Iran on other crossed the one-month mark on Saturday, entering its second mark with little signs of respite.

Amid fears of a broader escalation in the region, Yemen's Iran-backed Houthis on Saturday joined the war, claiming two missile strikes against Israel a day after it threatened to join Tehran in its fight against the US and Israel.

Trump's ultimatum to Iran

While Sunday, 29 March, was initially slated to be the deadline for Donald Trump's ultimatum to Iran to open the Strait of Hormuz, the US President on Thursday announced that he had extended the deadline by 10 days to 6 April, citing productive talks.

That said, there's no concrete evidence to suggest that diplomatic negotiations have taken place thus far.

While Iran's foreign minister Abbas Araghchi has acknowledged the exchanging of messages with the US via intermediaries, he clarified that these exchanges constituted "neither dialogue nor negotiation, nor anything of the sort".

Meanwhile Pakistan, which is looking to play the role of mediator, said on Saturday that it was working to "create a conducive environment" for peace negotiations between the US and Iran.

Strikes continue

With the war entering its second month now, the US and Israel have continued strikes against Iran, despite Tehran's threats of retaliation.

The US has also dispatched more troops to the conflict-hit Middle East, with the USS Tripoli joining the present strike group in the US, with 3,500 additional US Marines and sailors.

Reports indicate that the Trump administration is mulling deploying an additional 10,000 troops in the region, including at least 5,000 US Marines and thousands of paratroopers from the famed 82nd Airborne.

Strait of Hormuz conditionally open

The crucial Strait of Hormuz remains a key point of contention between the warring sides, with the effective halt of maritime traffic through the strategic waterway sending energy prices soaring globally.

While Trump had called on allies for help in keeping the strait open earlier, that call seems to have fallen on deaf ears, and the US President has now taken to issuing ultimatums.

Iran, for its part, has refused to cave in to US pressure, and has instead opened the Strait for friendly nations, including India, Russia, China, and Pakistan, among others.

Markets alarmed

Since the war began, the Brent crude oil benchmark has risen by more than 50%, and the steady rise in oil prices has not slowed, with Iranian threats still keeping most oil tankers anchored.

Reports also indicate that global oil markets could be underestimating the scale of the crisis — a Bloomberg report citing analysts recently said that there was a 40% probability for a worst-case scenario, where a prolonged conflict through the second quarter drives oil into "historically high" real price territory.

US midterms

The war against Iran, which has gotten increasingly unpopular stateside, could also weigh heavy on Trump's chances in the US midterm elections, slated for November.

Demonstrators took to city streets across the US on Saturday in anti-Trump rallies described by organizers as a call to action against the war on Iran, and a prolonged conflict is only expected to pile pressure on the US President.