The U.S. has completed a series of strikes against Iranian military targets for the third consecutive night, while Iran targeted two Emirati oil tankers in the Strait of Hormuz and issued air-raid warnings across the Gulf. U.S. Central Command reported that the five-hour mission aimed to strike military targets in Iran and reduce its capability to attack commercial shipping. The strikes included attacks on Iranian coastal defense systems, missile and drone sites, and maritime capabilities.
This military action followed President Trump’s order to reinstate a blockade on Iran in the strait, along with a proposed 20% toll charge for ships passing through the vital energy waterway. In retaliation, Iran launched attacks on Gulf countries, specifically targeting the United Arab Emirates and Bahrain. The UAE Defense Ministry confirmed that two Iranian cruise missiles struck the national tankers Mombasa and Al Bahiyah, resulting in one fatality and injuries to eight crew members, as well as damage to both vessels.
Bahrain, which hosts the U.S. Navy's Fifth Fleet, also experienced missile alerts as Iran responded to the U.S. strikes. Traffic through the Strait of Hormuz has decreased, with confirmed crossings down approximately 52% from July 10 to 12, as vessels adopt more defensive routing patterns. War risk premiums for the Strait of Hormuz are anticipated to rise sharply due to the escalating tensions, affecting shipping decisions in the region.
The recent strikes have disrupted a ceasefire established by an interim U.S.-Iran agreement signed the previous month, which aimed to reopen the strait and halt hostilities for 60 days of negotiations. Brent crude oil prices increased by 2% to $85 per barrel, while U.S. West Texas Intermediate rose by 2.3% to $80, reflecting renewed uncertainty over commercial shipping through the Hormuz waterway, which previously accounted for a significant portion of the world's oil and gas supply.