US-Iran Hostilities Escalate in Hormuz

The United States and Iran have resumed hostilities after a fragile truce in June, with the U.S. launching new waves of strikes against Iranian military installations and reimposing a naval blockade on Iranian ports. In response, Iran's Islamic Revolutionary Guard Corps struck U.S. military targets in Bahrain, Kuwait, and Jordan, and Iran has again closed the Strait of Hormuz, a critical chokepoint for global oil shipments. The escalation has disrupted oil supplies, with Gulf exports dropping below 50% of pre-war levels, and Brent crude prices rising to around $85 per barrel. Analysts warn that further escalation could push oil prices above $100, while diplomatic efforts remain uncertain.