US-Iran Gulf Attacks Escalate

The United States and Iran have escalated military attacks across the Gulf, breaking a truce that had paused fighting last month. The U.S. launched two major waves of air strikes on Wednesday and continued strikes through Thursday, targeting Iranian military facilities near Iran's southern coast. Iran retaliated with missiles and drones aimed at U.S. military bases in neighboring states, including a barrage at an air base in Jordan, and launched fresh strikes on U.S. facilities in Syria. Qatar's defense ministry thwarted an Iranian missile attack, and Kuwait reported that one of its power generation and water desalination stations was hit by an Iranian attack. The conflict has restricted oil flows through the Strait of Hormuz, and Iran has asked the Houthis to prepare to close the Red Sea route if the U.S. strikes Iranian power infrastructure. Oil prices surged about 2% on Friday, with Brent crude rising to $86 a barrel and WTI to $80.86, marking a nearly 13% weekly gain. The International Energy Agency expressed concern about oil security, warning that the situation could worsen.