U.S. Strikes Iran Amid Escalating Tensions in Strait of Hormuz

The U.S. launched new air strikes on Iranian targets on Tuesday, escalating tensions in the region after reports of two tankers being hit on Monday in the Strait of Hormuz.

Oil prices surged after the first exchange of direct attacks since July and the tanker incidents, with Brent crude futures jumping almost 2% more.

Tehran remained defiant, warning that it would prevent oil exports from the Gulf despite a threat by U.S. President Donald Trump to hit Iran 'hard' in response.