Iran Escalates Conflict with Missile Strikes on US Forces

Iran's paramilitary Revolutionary Guard launched a barrage of missiles at American forces in the Middle East early Wednesday, escalating tensions in the region. The U.S. and Saudi Arabia had previously struck Tehran-backed militias in Iraq, killing at least 20 fighters.

The flare-up on multiple fronts has raised concerns about a return to all-out war in the region. Oil prices spiked after the renewed hostilities, with Brent crude jumping 3.1% to $84.58 a barrel.

Iran's deputy foreign minister said his country rejected a proposal by Oman for jointly managing ship traffic through the Strait of Hormuz. Instead, Iran offered a counterproposal for temporarily transiting vessels through its territorial waters.