US-Iran Tensions Escalate as Shipping Strikes Lead to Oil Price Surge

Washington: Iran announced it attacked vessels near the Strait of Hormuz following the United States' destruction of several Iranian oil tankers overnight, marking a significant escalation in their ongoing six-month conflict. This exchange of strikes has caused global oil prices to climb sharply, with Brent crude surpassing $100 per barrel for the first time since July. In addition to the strikes on the vessels, Tehran claimed it fired ballistic missiles at a US base in Jordan, although no casualties or damage were reported. According to Radio Free Europe Radio Liberty, the recent tit-for-tat strikes between Iran and the United States are part of a series of retaliatory actions that could potentially escalate into a larger conflict. US President Donald Trump indicated that the United States is not seeking a deal to end the war, though he mentioned the possibility of future negotiations. Trump also expressed his belief that the conflict could conclude after the midterm elections in November, suggesting that I ran might not be able to sustain its position until then. The US military reported that it sank five Iranian oil tankers overnight near Kharg Island, Iran's primary oil export hub, as a reaction to Iran's missile attacks on a US Navy warship over the preceding days. In response, Iran launched 20 ballistic missiles towards Jordan, which managed to intercept 18 of them. The Islamic Revolutionary Guards Corps (IRGC) claimed responsibility for attacks on two US vessels, eight oil tankers, and 10 noncompliant vessels attempting to navigate the Strait of Hormuz. The Strait of Hormuz, a crucial passageway for global energy supplies, has been effectively blocked by Iran since the onset of its conflict with the United States in February. Iran has previously established a shipping route hugging its coastline and warned that any vessels using a US-backed route along Oman's coast would be targeted. The United Kingdom Maritime Trade Operations (UKMTO) reported that several vessels in the Gulf of Oman and the Persian Gul f were subjected to disabling fire as part of the ongoing military activities in the region. The escalation has already impacted shipping, as data from Kpler, a commodities and shipping analytics firm, indicated a significant decrease in the number of commercial vessels crossing the strait. On September 9, the IRGC expanded its control by adding parts of the Gulf of Oman and the Arabian Sea to a newly declared "prohibited zone," where vessels are subject to sanctions. Iran's Foreign Ministry condemned the US attacks on its oil tankers, labeling them a threat to regional and international peace and security. Meanwhile, US Secretary of State Marco Rubio warned that Iran would continue to lose tankers if it persisted in targeting US ships. Rubio's remarks coincided with Washington's intensified efforts to economically pressure Iran, including new sanctions targeting the country's aviation sector and companies linked to obtaining aircraft and sensitive technology. The economic strain on Iran is also evident in its national currency, the rial, which has hit a new low against major foreign currencies. Furthermore, the United States has enforced a naval blockade on Iranian vessels and ports, further disrupting Iran's oil exports, which are crucial to its economy.