US Strikes Iran's Oil Fleet as Tensions Escalate

Tensions between Iran and the US have escalated after a series of strikes on Iranian oil tankers. On Sunday, Mohammad Bagher Ghalibaf, Iran's parliament speaker and chief negotiator, warned that any further violations of Iran's interests would receive a 'faster, heavier, and more painful' response.

The remarks came after US operations against Iran's oil fleet resulted in the permanent disabling of two crude oil carriers. The US military said it was retaliation for the Islamic Revolutionary Guard Corps launching ballistic missiles towards two Navy warships.

The conflict has taken a significant economic toll on Iran, with its GDP contracting 2.7% in the year ending March and overall inflation reaching 62.2% in February, according to the World Bank.