US-Iran Hormuz conflict escalates

The United States and Iran engaged in a sharp escalation of hostilities over the weekend of July 11-13, 2026, centered on control of the Strait of Hormuz. Iran declared the strait closed after its forces struck a Cyprus-flagged container ship, the M/V GFS Galaxy, with a warning shot, causing significant damage and leaving one Indian crew member missing. The U.S. responded with multiple waves of airstrikes, hitting over 300 Iranian military targets over three nights, including missile sites, radar, and naval assets. Iran retaliated by launching missile and drone attacks on U.S. military facilities and allied nations across the Gulf, including Bahrain, Kuwait, Qatar, Jordan, Oman, and the United Arab Emirates. The violence has thrown into doubt the interim ceasefire agreement signed on June 17, 2026, which was intended to lead to a permanent end to the war that began on February 28, 2026. U.S. President Donald Trump declared the ceasefire over but left the door open for further negotiations. Mediation efforts by Oman, Qatar, Pakistan, and Egypt continued, but the situation remained volatile. Oil prices surged over 4% on fears of supply disruptions, and global markets reacted negatively. Iran's new Supreme Leader, Ayatollah Mojtaba Khamenei, vowed revenge for the killing of his father, former Supreme Leader Ali Khamenei, in the war's opening strikes. The U.S. also revoked waivers allowing Iranian crude sales, further straining relations.