US and Iran Exchange Military Strikes

United States forces intensified military operations against Iran on Thursday, conducting strikes near Tehran and enforcing a naval blockade, while Iran retaliated with drone and missile attacks against regional US allies. The six-day escalation has effectively shuttered the Strait of Hormuz, a critical maritime chokepoint responsible for approximately 20 percent of global oil and gas exports.

The US military launched strikes across multiple Iranian provinces and fired on a tanker near Kharg Island, citing the vessel's refusal to heed warnings. Iranian authorities reported at least 35 fatalities and over 300 injuries resulting from the recent campaign. In response, Tehran deployed missiles and drones toward Bahrain, Jordan, and Kuwait, while also targeting Erbil in Iraqi Kurdistan. These actions have disrupted regional energy infrastructure, forcing Iraq to suspend crude oil loading at its terminals.

The conflict has rendered last month's interim peace memorandum effectively void, as both nations contest control over transit lanes in the strait. Global energy markets have reacted to the instability, with oil prices climbing to 85 dollars per barrel. Analysts warn that sustained closure of the waterway could drive prices toward 100 dollars per barrel, further complicating the economic outlook as shipping traffic through the region continues to decline.