Are Israel & Iran in a Conflict or War ?

Since Friday morning the level of attacks and frequency by Israel on Iran and vice versa have only increased. From drones, car bombs to ballistic missiles are being used to damage each other. Given that more than 72 hours have passed, the critical period where it turns into a prolonged and aggressive war or it pauses here for a diplomatic effort.Though Gulf nations and the USA have made strong efforts to calm the situation down both the nations at the front are unwilling to pause due to their reasons. 

The problem is limited if the nations involved have limited influence in global matters, but that is not the case in this one. If the situation escalates, then the energy supply and prices get impacted as collateral damage, impacting the world . Within the last two days oil prices have increased by 10% and during the month they have risen from $62/bbl to $79/bbl as of today’s opening. 

The next 48 hours are crucial, as all the concerned nations put more pressure on both sides. According to reports, Iran is supposed to vote today on restricting traffic in the Strait of Hormuz which controls 20% of the global oil supply. This would be escalating the situation towards worst scenario.

Given a large difference between the best and worst case scenario, any pre-emotive move on either side without full confirmation would be short-lived.