US and Iran exchange fresh strikes as Strait of Hormuz standoff escalates
The United States and Iran traded fresh military strikes on Monday as the standoff over the Strait of Hormuz intensified. Iran responded to a new wave of American strikes by hitting US military bases in several Gulf states, sending oil prices sharply higher and rattling global markets.
The United States and Iran exchanged fresh military strikes on Monday, escalating a standoff centered on the Strait of Hormuz, one of the world's most important oil shipping routes. Iran launched retaliatory strikes on American military bases in several Gulf states after a new wave of US attacks, CNBC reported.
The exchange rattled financial markets already on edge over the widening conflict. US stock futures slipped and South Korea's Kospi index plunged roughly 7% in early trading, reflecting fears that the standoff could disrupt oil flows through the strait, a chokepoint for a large share of the world's seaborne crude exports.
Oil prices jumped on the news as traders priced in the risk of a prolonged disruption to Gulf shipping lanes. Washington and Tehran have not signaled any near-term path toward de-escalation, and analysts are watching closely for further military or diplomatic moves in the days ahead.
Read next
Former Emir of Qatar Sheikh Hamad bin Khalifa Al Thani dies aged 74
Sheikh Hamad bin Khalifa Al Thani, who took power in 1996 after a bloodless coup against his father, has died aged 74. The BBC reports he went on to transform Qatar into the gas-rich power it is today.
Iran attacks US military bases in Bahrain, Kuwait and Jordan
Diesel prices may rise in New Zealand as Russia supply crunch bites
Antisemitic attack on Adelaide home condemned as 'un-Australian'
