Prateek Tanmay
The United States has launched a new round of strikes on Iran, just hours after a large-scale air assault that Washington says struck dozens of Iranian military sites. The latest escalation comes after Iran’s Revolutionary Guard Corps attacked US bases across the Gulf over the weekend and declared the Strait of Hormuz “closed until further notice,” raising alarm over a wider regional war. Explosions have also been reported in Iran’s port city of Bandar Abbas, while several US allies in the region say they came under Iranian fire.
Fresh US strikes: The US military says it has carried out a new round of strikes on Iran, hours after an earlier assault it says hit dozens of Iranian military targets.
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Strait of Hormuz tensions: A US military spokesperson said the latest strikes followed an Iranian attack on another commercial vessel in the strait, with Washington and Tehran offering conflicting accounts of maritime traffic in the waterway.
Gulf nations under fire: Kuwait reported strikes on border posts and an oil rig, Qatar reported injuries from interceptions, and Oman, Jordan and the UAE also reported detecting Iranian fire over the weekend.
Qeshm Island and Bandar Abbas: Iran says 10 to 11 “enemy projectiles” targeted Qeshm Island, with explosions also reported in the port city of Bandar Abbas.
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Summary
Oil prices rose significantly on Monday, with Brent crude futures increasing by $2.34, or 3.08%, reaching $78.35, and US West Texas Intermediate crude rising by $2.21, or 3.09%, to $73.62 per barrel. This spike followed Iran’s escalation of strikes against Gulf states, particularly Qatar and the United Arab Emirates, amid ongoing tensions with the United States. The US had also conducted further strikes on Iran, contributing to heightened fears regarding energy shipments through the strategically vital Strait of Hormuz. The recent cycle of attacks and retaliations has raised concerns about potential disruptions in oil supply, prompting the surge in prices. The situation reflects ongoing geopolitical instability in the region, underscoring the fragility of energy markets linked to Middle Eastern conflicts, and highlights the potential risks for global oil supply routes as hostilities continue to escalate.
