US Iran War: The recent US-Iran conflict took another turn and seems to be escalating. As a result of the strikes that Washington conducted on Larak Island of Iran, Iran hit US military forces in Jordan.
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US Strikes Larak Island
According to the data provided by the US Central Command, the US conducted strikes on the two Iranian rocket launchers located on Larak Island in the Strait of Hormuz. The launchers were preparing to fire the rockets with sea mines in order to create a threat to maritime traffic. This operation can be called the first open strike against Iran that was conducted by US military in several weeks.
Iranian Retaliatory Strikes
Iran responded to US actions and announced its attacks on US military positions located in Jordan. Iranian forces struck the two bases where American forces are hosted and Al Azraq base is included in this list. According to Jordanian Air Defence, the missiles have been intercepted, while the Iranian side claims that the attacks are the retaliation to the US attack on Larak Island.
Oil Prices Rise Amid Fresh Escalation
Oil prices moved higher after the latest US-Iran military escalation, as markets reacted to renewed concerns over supplies through the Strait of Hormuz. Al Jazeera reported that oil prices rose by more than two percent following the US strike on Iran’s Larak Island. The renewed attacks have also raised concerns about shipping through the strategic waterway, where vessel movements have fallen sharply.
Why the Strait of Hormuz Matters?
US Iran War: Strait of Hormuz plays a key role since it is a vital link between the main oil producers in the Gulf region and international markets. Any disruption of the maritime traffic in the region may increase the energy prices, shipping costs and the rate of inflation.
