US and Iran Resume Large-Scale Strikes Amid Strait of Hormuz Tensions

The United States and Iran have started a time of strong, retaliatory attacks that marks the most intense exchanges since July. Starting when US Central Command hit IRGC-related targets including radar, air defences, and maritime assets along Iran's southern coast, the recent escalation—centered around the Strait of Hormuz and US military sites across the Persian Gulf— These strikes caused reported fatalities; Iran's health ministry reported 18 killed and 142 injured, including civilians, and Iranian media claimed a wedding in Kuhestak/Sirik was struck. Saying military might took center stage, the US has rejected targeting people.

In reaction to the US attack, Iran fired drones and ballistic missiles aimed at American assets and friends in the area. Reported attacks targeting US facilities were those in Iraq/Kurdistan, Kuwait, Bahrain, and Jordan. Jordan and Bahrain verified successful intercepts of certain projectiles. Iran saw these strikes as direct reaction for the alleged wedding deaths and the US attacks. Though also suggesting efforts to guarantee freedom of navigation in the concerned waterways, President Trump has said the US is ready to strike again should Iran keep threatening shipping or US personnel.

The revived struggle seriously endangers world markets, especially shipping and oil prices. The rising tensions around the Strait of Hormuz, a vital choke point for world oil supply, are projected to keep crude oil at a premium and raise transportation and insurance expenses for vessels. Moreover, the growing perimeter of the conflict—which includes missile and drone assaults on Gulf states and Jordan—is expected to drive a risk-off attitude and exacerbate volatility in Middle Eastern-exposed foreign currency and stock markets.