Tensions Soar as Iran Strikes Back at US Over Hormuz Strait

The US-Iran conflict has escalated near the Hormuz Strait after Iran retaliated against a recent US strike on Larak Island. The IRGC launched missile and drone strikes on two US air bases in Jordan, which were intercepted by Jordanian authorities.

Brent crude oil prices rose above $89 per barrel as global markets reacted to the escalating tensions. The Dow futures fell 75 points to 53,509.00, while S&P 500 futures declined 19.25 points to 7,702.75.

The IRGC had vowed retaliation after accusing the US of striking Larak Island, saying the attack caused casualties among Iranian forces and civilians. The Trump administration has warned that any vessel laying new mines in the Strait of Hormuz would be 'immediately and systematically destroyed'.