The US-Iran war has entered a dangerous new phase in the Gulf, with American forces destroying five Iranian oil tankers and Tehran retaliating with missile strikes on a US-linked military base in Jordan and attacks on vessels in the Strait of Hormuz.
Iran has warned that any further US attack will trigger a “faster, heavier and more painful” response, as Tehran said it will impose tighter control over shipping around the Strait of Hormuz following the latest US strikes on Iranian oil tankers.
The United States has sharply escalated its confrontation with Iran, striking three Iranian crude oil tankers after the Islamic Revolutionary Guard Corps (IRGC) launched ballistic missiles towards two US Navy warships in regional waters, in the latest tit-for-tat exchange.
Oil prices were heading for their strongest weekly gain since mid-July on Friday as renewed fighting between the United States and Iran heightened concerns over disruptions to Middle East energy supplies.
The US military escorted 40 commercial vessels carrying about 18 million barrels of oil through the Strait of Hormuz on Tuesday, a wartime record, as Washington and Tehran traded their heaviest blows in weeks, CNN reported, citing two US officials familiar with the operation.
The United States carried out a fresh wave of strikes against Iranian military targets on Tuesday, while Iran retaliated with missile attacks targeting US-linked positions and activating air defences across several Gulf states.
The Saudi Ministry of Foreign Affairs has condemned Iran's targeting of the Saudi tanker Sidr while it was transiting the Strait of Hormuz, which resulted in fatalities among the crew.
Saudi Arabia said its air defences intercepted and destroyed a Houthi drone south of Makkah before it could enter the prohibited airspace over the holy city, as the Kingdom faced a widening campaign of attacks by the Iran-aligned Yemeni group.
Oil prices rose further on Tuesday as renewed Houthi attacks on Saudi Arabia added to growing concerns over energy supplies, with Brent crude gaining $1.58 to $107.30 a barrel and US West Texas Intermediate (WTI) rising $1.64 to $103.
Regional diplomatic efforts to ease the crisis around the Strait of Hormuz appeared to stall on Monday after a meeting between Iran and other Gulf countries was postponed, as fresh attacks on shipping and Saudi Arabia's closure of a key oil pipeline heightened concerns over global energy supplies.
