US-Iran Conflict Escalates as Both Nations Target Shipping Lanes Amid Oil Price Surge

Washington: Iran declared it had attacked vessels near the Strait of Hormuz following the United States' destruction of several Iranian oil tankers, marking a significant increase in hostilities in the ongoing six-month conflict. According to Radio Free Europe Radio Liberty, these retaliatory strikes resulted in a spike in global oil prices, with Brent crude reaching $100 per barrel for the first time in months. Tehran also reported firing ballistic missiles at a US base in Jordan, though no casualties or damage were reported. The recent escalation in tensions between Iran and the United States has raised concerns about the potential for a broader conflict. The US military confirmed it sank five Iranian oil tankers near Kharg Island, Iran's primary oil export hub, in response to Tehran's missile attacks on a US Navy warship. In retaliation, Iran fired 20 ballistic missiles towards Jordan, which managed to intercept 18 of them, while two landed in unpopulated areas. The Islamic Revolutionary Guards Corps (IR GC) claimed responsibility for attacking US vessels and additional commercial ships attempting to navigate the Strait of Hormuz. The UK Maritime Trade Operations reported multiple vessels in the Gulf of Oman and the Persian Gulf were targeted by disabling fire, exacerbating fears of further disruptions in this key global energy supply route. The IRGC further warned crews in Kuwaiti and Bahraini ports to evacuate, signaling potential future attacks. Shipping data from Kpler showed a significant decrease in commercial vessel crossings through the strait, highlighting the impact of these military actions on global shipping routes. Iran's Foreign Ministry condemned the US's actions as a threat to regional peace, while US Secretary of State Marco Rubio emphasized that Iran would continue to lose tankers if it targeted US naval ships. As tensions heighten, the US has tightened its economic pressure on Iran, announcing new sanctions on Iran's aviation sector and enforcing a naval blockade on Iranian ports, signifi cantly impacting Iran's oil exports and economy.