The U.S. launched a new wave of air strikes against Iranian targets on Tuesday, hitting Islamic Revolutionary Guard Corps (IRGC) facilities in response to attempted attacks on commercial shipping in the Strait of Hormuz. The strikes pushed Brent crude futures up nearly 4% on the day, with oil markets reacting to the escalation in a waterway critical for global energy flows.
U.S. Central Command announced the 12 p.m. ET strike on IRGC targets after Iran reported explosions on Qeshm Island, Bandar Abbas, Chabahar, Jask and Sirik. Iranian President Masoud Pezeshkian, speaking at a summit in Kyrgyzstan, stated Iran would reciprocate immediately if the U.S. honors the June memorandum of understanding, while Tehran warned it could block all oil exports from the Persian Gulf.
U.S. Treasury Secretary Scott Bessent vowed additional sanctions within days, declaring the regime would be 'economically asphyxiated' and that Iran's leverage over the Strait of Hormuz would 'be worthless in two years' as alternate shipping routes develop. President Trump warned Iran it would be 'hit again at a much harder and higher level' if it retaliates further.
Disagreement emerged over the scale of Iranian response, with some officials describing the confrontation as 'limited and contained' while Iranian parliament speaker Mohammad Baqer Qalibaf warned no one would be able to export oil if the U.S. prevents Iranian exports. The conflict, which began with U.S. and Israeli strikes on February 28, has killed thousands in Iran and Lebanon and has now entered a new military phase after a six-month economic standoff.