US Air Strikes Hit Iran as Global Oil Prices Soar

The US military launched new air strikes against Iranian targets on Tuesday, threatening to reignite the six-month-old conflict that has driven global energy prices higher and weighed heavily on US President Donald Trump's popularity at home.

The strikes followed a weekend exchange of fire, the first since July, and took place after two tankers were hit on Monday while leaving the Strait of Hormuz, the global oil supply waterway that Iran has effectively closed to shipping. Global oil prices rose more than $4 US a barrel on Tuesday, settling at a five-week high.

Tehran remained defiant, warning that it would prevent oil being exported from the Gulf, despite a threat by Trump to hit Iran 'hard' in response to the renewed Iranian strikes, and a warning from US Treasury Secretary Scott Bessent that Washington was about to impose new sanctions.