The war has not ended. The global economy has been hit hard (oil spikes, $200/bbl diesel in September) but has not been destroyed: in July 2026 the IMF projected 3% world growth.
A US-Iran ceasefire took effect on 2026-04-07/08 through Pakistani mediation. Trump extended it indefinitely on 2026-04-21, and both presidents signed the Islamabad Memorandum on 2026-06-17. It collapsed on 2026-07-08 and fighting resumed, but a ceasefire and truce did happen.