Renewed conflict between the United States and Iran escalated dramatically on Tuesday following a weekend exchange of fire, the first since July, and subsequent attacks on two tankers leaving the Strait of Hormuz. The US launched airstrikes against targets in Iran, with the US military specifically targeting Islamic Revolutionary Guard Corps (IRGC) positions, citing recent attempted attacks on commercial shipping in the Strait of Hormuz and against American forces in the region. This came after the expiration of a Memorandum of Understanding signed in June, which had extended a ceasefire between the two nations.
Iran retaliated swiftly, launching missile and drone attacks against US assets in Jordan, Bahrain, and Iraq. Iranian media reported civilian casualties from US strikes, with the Iranian Red Crescent stating that five people, including a child, were killed and over 50 injured when shrapnel from a US missile hit a wedding celebration in Sirik. The US military denied targeting civilians. In response, the IRGC claimed to have conducted a heavy ballistic missile attack on a US Marine base in Jordan's Aqaba, asserting they killed a large number of US forces, although Jordanian authorities reported intercepting most missiles with no casualties.
The renewed hostilities have significantly impacted global energy markets. Global oil prices surged more than $4 a barrel on Tuesday, settling at a five-week high, due to fears of supply disruptions from the Strait of Hormuz, a critical waterway that Iran has effectively closed to shipping. Before the war, one-fifth of the world's oil supplies flowed through this strait. US President Donald Trump stated the strikes were in retaliation for Iran's failed attempt to add sea mines to the Strait and missile attacks on a US base in Jordan. The US Treasury Secretary Scott Bessent indicated that new bank sanctions against Iran were likely to be announced, further attempting to "economically asphyxiate" Iran's leadership.
