The US and Iran have traded their biggest barrage since July, with Washington striking targets along Iran’s southern coast and Tehran retaliating against US-linked military positions across the Middle East. The latest escalation has raised fresh fears that a conflict that has already dragged on for months could spiral into a much wider regional war.

Meanwhile, US President Donald Trump has suggested renaming the Strait of Hormuz as 'Trump Strait', asserting US control of the vital waterway even as fighting raged there with Iran.

So what exactly happened in the latest exchange? How far could Iran’s retaliation go? And with the US midterm elections looming, how much longer can Washington afford to keep fighting?

On The Big Story, Hongbin Jeong speaks with Dr James M. Dorsey, Adjunct Senior Fellow at Nanyang Technological University's S Rajaratnam School of International Studies, to find out more.