The United States and Iran have resumed direct military hostilities, with Washington announcing airstrikes on dozens of targets while Tehran claimed to have struck US military bases in Jordan, Bahrain, and Kuwait.
The escalation marks a sharp reversal from the relative calm that had allowed shipping through the Strait of Hormuz to normalize in recent weeks.
Brent crude prices reacted immediately to the renewed threat to maritime security, reversing the recent retreat to pre-war lows.
The market is repricing the probability of supply disruption as the conflict expands beyond Iranian soil to include key Gulf Cooperation Council states hosting US forces.
Traders are monitoring tanker insurance premiums and routing data for signs of renewed avoidance of the chokepoint.
The stated objective of the US campaign appears focused on degrading Iran’s ability to target commercial vessels and civilian crews in the strait, according to reports from multiple wire services.
However, Tehran’s retaliation against bases in Bahrain and Kuwait signals a widening of the conflict’s geographic footprint, raising concerns about broader regional instability and potential secondary supply shocks.