US Targets Iranian Rocket Launchers as Strait of Hormuz Remains Closed

US forces have attacked two Iranian rocket launchers in the Strait of Hormuz for the first time in a month, prompting Iran to retaliate. The US Treasury Department has also proposed a rule that would revoke correspondent banking access of Banque Misr UAE, which processes transactions involving Iranian entities. As a result, Iran's imports and exports have fallen by 25-35%, according to President Masoud Pezeshkian.

The Strait of Hormuz remains closed, with vessel traffic significantly reduced. Chinese purchases of Iranian crude oil through the strait averaged about 530,000 barrels a day in July and August, down 48% from prewar levels. The drop is attributed to blockades by the Houthis and Iran's own restrictions.

Iranian Supreme Leader Mojtaba Khamenei has urged Gulf rulers to recognize Washington as their common enemy. President Pezeshkian admitted that a big chunk of Iran's trade has vanished due to US sanctions, and Khamenei wants Tehran to increase domestic output and reduce reliance on the dollar.