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US resumes air strikes against Iran

  • Market: Crude oil, Freight, Natural gas
  • 01/09/26

US forces began to carry out strikes against Iran at 12pm ET (16:00 GMT) on Tuesday following apparent Iranian attacks on Saudi tankers attempting to transit through the strait of Hormuz.

US strikes hit targets on Qeshm island in the strait of Hormuz and near Bandar Abbas in southern Iran, according to Iranian news agency Tasnim, which is affiliated with the Islamic Revolutionary Guard Corps (IRGC).

Washington appeared to expect strong retaliation from Iran, with US embassies in Jordan, Qatar, Bahrain and Oman issuing security warnings to US citizens living in those countries.

Two very large crude carriers (VLCCs) carrying Saudi crude have been involved in separate security incidents in the strait of Hormuz, according to navigational warnings from the Pakistan Navy.

The US and Iran exchanged strikes on Monday for the first time in more than a month. The US said it had taken "limited, precise action" against Iran's IRGC minelaying forces on Larak island in Hormuz, while the IRGC said it retaliated with ballistic missile attacks against US bases in Jordan.

The Pentagon cited the IRGC attack on the US base in Jordan as an additional justification for the military action on Tuesday.

Iran's ability to target ships passing through Hormuz counters recent US claims of having decisively eliminated Tehran's military threat and of enabling an increase in oil exports through the critical Mideast Gulf waterway.

Vessel traffic through the strait of Hormuz remained low on Monday amid increased attacks on commercial vessels transiting the waterway, according to data from maritime security firm Windward.

Trump on Monday "officially" declared Iran a "failed nation", citing the supposed destruction of its military potential.

Treasury secretary Scott Bessent, speaking on the sidelines of the G20 finance ministerial in North Carolina on Tuesday, likewise described Iran as "militarily crushed" and said that the US was prioritizing its naval blockade and new economic sanctions against Iran to bring pressure on Iran.

Bessent at the same time downplayed the importance of Hormuz. "In two years, the strait of Hormuz will be like a worthless piece of water," he said, citing projects by Mideast Gulf states to diversify exports from the region by pipelines.

Earlier Tuesday Iranian president Masoud Pezeshkian said the country would immediately reciprocate if the US returns to its commitments under an interim agreement reached in June. Tehran has repeatedly linked the restoration of free navigation through the strait of Hormuz to US implementation of the June agreement.


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