US launches new barrage of strikes on Iran around Strait of Hormuz

The US launched new air strikes on Iranian targets on Tuesday, quashing hopes that an exchange of fire last weekend might not lead to a wider renewal of hostilities.

Oil prices had already risen after that first exchange of direct attacks since July and after reports of two tankers being hit on Monday leaving the Strait, the global oil supply waterway that Iran has effectively closed to shipping. Brent crude futures, already up 2% on the day, jumped almost 2% more on the reports.

Tehran remained defiant, warning that it would prevent oil being exported from the Gulf, despite a threat by US President Donald Trump ‌to hit Iran "hard" in response to the renewed Iranian strikes, and a warning from US Treasury Secretary Scott ​Bessent that Washington was about to impose new sanctions.

 "Today at 12 p.m. ET (1600 ​GMT), US forces began striking Islamic Revolutionary Guard Corps (IRGC) targets in Iran," US Central Command posted on X. "The strikes follow recent attempted attacks by the IRGC against commercial shipping in the Strait of Hormuz and against ​American service members deployed to the region."

Iran's state broadcaster said there had been reports of explosions on Iran's Qeshm Island, on the northern side of the strait. The state-linked news agency Nour News said there had been reports of explosions in the port city of Bandar Abbas and in Chabahar, a port on the southern coast. The state news agency IRNA also reported the sound of explosions in Jask and Sirik.

 The heightened tensions have renewed fears of oil supply disruptions from the world's key crude-producing region.

"The tit-for-tat missile exchanges between the US and Iran bring validation to those who believe that even if not a 'forever war', this conflict will run and run," said PVM analyst John Evans.

 Highlighting such concerns, two supertankers carrying Saudi oil were struck by unknown projectiles within minutes of each other while transiting outbound through the Strait of Hormuz late on Monday, according to data from shipping intelligence and tracking firms Marisks and Kpler.