Commodities
US and Iran Engage in Waterway Clash as Global Oil Prices Soar
US and Iranian forces clashed in waters near Iran on Saturday, with both sides firing at vessels. The US Central Command said it struck three Iranian oil carriers, including one off the coast of Kharg Island, a key hub for Iranian oil exports.
The US attack came after Iran's Islamic Revolutionary Guard Corps launched ballistic missiles at two US Navy ships. In response to the US strikes, the IRGC threatened intensified attacks against US military vessels in the region.
Iran said it targeted three tankers that were on unauthorized routes in the Strait of Hormuz, a major waterway for global oil supplies. The US imposed its naval blockade on Iranian ports after Iran effectively shut the Strait of Hormuz earlier this year.