Tensions Rise as Iran, US Trade Blows in Escalating Conflict

Iran's president, Masoud Pezeshkian, stated that his country is not interested in extending the war with the US. The statement came after the two countries traded blows for the first time in over a month. This escalation led to an increase in oil prices and a fall in stocks. Brent crude rose to $90.91 per barrel, while the S&P index fell 0.4%. However, energy stocks, such as Exxon Mobil and Chevron, saw significant gains of 2.9% and 3%, respectively. The US military stated that no ships were hit by Iranian mines in the Strait of Hormuz. This contradicts Iran's claim that two mines had struck a supertanker. The US Central Command attributed this to an attempt by Iran's Revolutionary Guards to intimidate regional commercial shipping through disinformation. The original claim was made by Iranian state TV, citing a statement from the Revolutionary Guards. Iran's Foreign Ministry condemned the US attacks on Larak Island and stated that strikes on US bases in response were 'in accordance with the inherent right of legitimate defense.' Iran targeted two US air bases in Jordan and the Al ⁠Minhad Air Base in the UAE. The US military has not commented on these reports yet. In a separate incident, Iran's Revolutionary Guard claimed that an oil tanker struck two naval mines in the Strait of Hormuz while attempting to 'illegally' traverse the waterway. However, the US military had previously stated that strikes on Larak Island targeted IRGC minelaying forces to prevent further mining.