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.
Iranian President Masoud Pezeshkian used his address to the United Nations General Assembly to send a message to Iran’s Gulf neighbours, saying Tehran’s security must be guaranteed if the wider region is to avoid being drawn into continuing instability.
US Secretary of State Marco Rubio and Italy’s Deputy Prime Minister and Foreign Minister Antonio Tajani signed a memorandum of understanding on critical minerals in New York.
US forces had supported the safe transit of more than one billion barrels of crude oil through the Strait of Hormuz over the past two months, said its top official, adding that they had facilitated the transit of more than 2,000 commercial vessels through the Strait with “co-ordinated protection”.
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.
Shell has agreed to increase its stake in US convenience store operator and fuel distributor Tri Star Energy from 33 per cent to 100 per cent, strengthening its company-owned retail presence in the southeastern US, particularly around Nashville.
