Middle East Flares Again: US Launches Second Night Of Strikes On Iran; Oil Jumps 4% As War Threatens Hormuz Shipments

US and Iranian forces have exchanged heavy missile and drone assaults, with Tehran targeting US facilities in states across the Gulf on Sunday and saying it had again closed the vital Strait of Hormuz. The renewed violence casts further doubt on the future of an interim US-Iranian agreement signed last month that aimed to ‌reopen the strait and end the war after a further 60 days of negotiations.

Flashpoint: Control over Hormuz

The strikes were the latest in a cycle of attacks and counter-attacks as Iran seeks to assert control over shipping through the Strait of Hormuz. However, the barrage marked an escalation in pace and range.

Iran's strikes extended to Qatar, a mediator in ceasefire talks that had not come under attack since April. The United Arab Emirates, which had not been targeted since early May, said its air defences had engaged missiles and drones from Iran.

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The US military began launching more strikes against Iran at 5 p.m. ET on Sunday, Central Command said in a statement on the social media platform X, “to continue degrading their ability to attack civilian mariners and commercial ships freely transiting the Strait of Hormuz.”

Iranian media said on Sunday there had been missile attacks and explosions around the port cities of Sirik and Bandar Abbas, home to military facilities on the strait, and nearby Qeshm Island. In a statement, Iran's foreign ministry condemned "aggressive" US attacks against Iran over the weekend.

The ministry also said talks between Iran and Oman on Saturday in Muscat — focused on arrangements for managing the strait and transit routes — were unable to reach a result because of "overt and covert" US pressure on Oman.

Oil jumps 4% as new military strikes threaten Hormuz shipments

Oil prices surged over 4 per cent on Monday as energy shipments via the Strait of Hormuz remained under threat, with the US and ‌Iran announcing renewed military strikes. Brent crude futures climbed USD 3.10, or 4.08 per cent, to USD 79.11 by 0325 GMT, while US West Texas Intermediate crude rose USD 2.95, or 4.11 per cent, to USD 74.36 a barrel.

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Some 20 per cent of the world's oil and liquefied natural gas transited the strait before the war began at the end of February. Six vessels transited the strait on Sunday, ship-tracking data from Kpler showed, the lowest number in five weeks.

(With inputs from Reuters)

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