US Strikes Three Iranian Oil Tankers, IRGC Hits Back Near Hormuz

The US military struck three Iranian crude oil tankers as part of intensifying tit-for-tat attacks with Tehran, while Iran's Islamic Revolutionary Guard Corps said it struck three tankers and three US-linked vessels and fired a ballistic missile toward US warships patrolling near the Strait of Hormuz. Oil prices jumped on the news.

Why this matters. Direct US-Iran naval strikes on tanker traffic raise the risk of a wider shutdown of Hormuz shipping lanes, a chokepoint for roughly a fifth of global oil flow, and signal both sides are willing to escalate militarily despite prior ceasefire efforts.