Trump Orders Strikes on Iran Amid Escalating Tensions

US President Donald Trump ordered airstrikes on Iranian targets after Iran fired ballistic missiles at American forces in the Gulf region. The strikes deviated from Iran's prior practice of only responding to US strikes, indicating a readiness to resume armed conflict.

Tehran's military, the Guard, declared it has 'full control' over the Strait of Hormuz and vowed no 'stranger' would be allowed to interfere. Trump warned that the US will hit Iran hard, calling on Congress to revise a Russia sanctions measure to impose tariffs on Iran.

Oil prices initially edged down in Asian trading on Thursday before rising due to escalating tensions between the two nations. Warren Patterson, commodities strategy leader at ING Bank, said growing tensions are reducing expectations for renewed talks and increasing the likelihood of long-lasting supply interruptions.