US strikes follow attacks on three ships
The United States launched new military strikes against Iran early Wednesday after Tehran attacked three ships in the Strait of Hormuz, one of the world's most critical oil shipping lanes. The Pentagon said the strikes targeted Iranian military installations along the coast.
The US also revoked Iran's permission to sell crude oil on international markets, cutting off one of the country's main sources of revenue. The Strait of Hormuz handles about 20% of the world's oil and gas shipments, making any disruption there a global concern.
Oil prices surge past $100 a barrel
Brent crude oil jumped more than 6% to cross $100 a barrel for the first time since May. The price spike came after Iran-backed Houthi rebels in Yemen attacked two Saudi oil tankers in the Red Sea, which handles 12% of global trade. Shipping companies like UPS began adding fuel surcharges, and economists warned that higher energy costs would raise prices for school supplies, food, and everyday goods.
President Trump told Axios and Israeli media that he is considering a massive attack on Iran, saying he wants to "get it over with and do it right."
Conflict expands beyond Persian Gulf
The Houthis said they attacked the Saudi vessels to retaliate against Saudi Arabia for its military campaign in Yemen. This marks a widening of the conflict beyond the immediate US-Iran confrontation. The US and Iran later paused their attacks after days of escalation, but tensions remain high as both sides assess their next moves. The conflict has already pushed global energy markets into turmoil and raised fears of a prolonged war in the region.