Iran-US Conflict Escalates as Both Sides Engage in Tit-for-Tat Strikes
The conflict between Iran and the US continues to escalate, with both sides engaging in tit-for-tat strikes. Iranian Parliament Speaker Mohammad Baqer Qalibaf warned that any fresh US attacks on its assets would be met with retaliation, saying 'Strike our assets and you get struck.'
Qalibaf's comments come after the US struck three Iranian oil tankers on Saturday, including one off Kharg Island, Iran's key oil export hub. The strikes were in response to Iranian attacks on US warships in the region.
Iran has throttled traffic through the Strait of Hormuz, a vital global oil and gas supply route, since the war began with US and Israeli strikes on February 28. Senior Iranian security official Mohsen Rezaei announced plans for a new restricted zone in the Gulf, which would include areas where a US naval blockade of Iran starts.
The conflict has had far-reaching consequences, impacting not only the economies of both countries but also global energy supplies and prices. The Strait of Hormuz is responsible for carrying a fifth of global oil and gas shipments, with an average of 10 commodity ships transiting through it per day in the past 10 days.
Iran's blockade has contributed to a rise in oil prices, with Brent crude futures hitting their highest point since July 24 at $97.93 a barrel on Monday. The US campaign to throttle Iran's economy by blockading its oil exports and stopping sanctions evasion is growing increasingly difficult to withstand, according to three senior Iranian sources.