Iran strikes Gulf targets after US airstrikes

Iran launched major missile attacks across the Gulf early Sunday, with initial reports describing two waves over Qatar and large explosions above Doha. Reaction pending, but the scale and spread of the attacks put energy flows, airlines, shipping and Gulf risk pricing on alert.

Officials said air defences were also responding to Iranian attacks in the UAE, Bahrain, Kuwait and other locations. The strikes came hours after the US conducted new airstrikes in Iran following a ship being hit by Iran in the Strait of Hormuz, according to initial accounts.

Gulf air defences respond

The immediate risk is escalation across a region that sits at the center of global oil and gas logistics. Qatar is a major LNG exporter, while the Strait of Hormuz is a key passage for Gulf energy shipments, making any military activity near those routes a direct concern for commodities, shipping insurance and aviation corridors.

For Gulf governments, the first test is whether air defence systems limit damage and casualties. For Iran and the US, the question is whether the exchange stays confined to military targets or expands into infrastructure, commercial shipping or bases used by allied forces.

If attacks continue through July 12, markets may open the week pricing a larger geopolitical risk premium across energy and safe-haven assets. By July 13, the key forward call is whether officials confirm damage, casualties or further retaliatory orders, which would determine whether this remains a sharp escalation or becomes a broader Gulf conflict.