US hits Iranian tankers as Tehran attacks American bases
Tensions between the US and Iran have escalated significantly following a series of tit-for-tat attacks on shipping vessels and military assets. The conflict has caused global oil prices to surge and raised concerns about regional stability.
Why it matters
The direct military confrontation and its impact on energy supplies represent a major geopolitical crisis with potential for global economic disruption.
Iran said it had attacked 10 ships near the Strait of Hormuz after the US sank five Iranian oil tankers, in the biggest declared wave of tit-for-tat attacks on shipping by both sides since the start of the six-month-old war.
The attacks in and around the vital waterway sent the price of oil surging, with the international Brent crude LCOc1 benchmark breaching $100 a barrel for the first time since July.
The politically sensitive average retail price of diesel fuel in the United States hit a fresh all-time high above $5.94 a gallon.
Iran also said it had fired ballistic missiles at a base used by US forces in Jordan.
Attacks by both sides since the end of August have shattered a month of relative calm, with the US and Iran hitting military, shipping and energy assets.
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