U.S.-Iran Military Exchanges Escalate; Hormuz Tanker Attacks Roil Energy Markets

U.S. forces struck Iranian targets on Larak Island — the first American military action against Iran since July — according to reports citing American officials carried by Axios and Al Jazeera. Iran's Revolutionary Guards responded by claiming strikes on U.S. military installations at King Hussein and Al-Azraq airbases in Jordan. Separately, British naval operations command confirmed an oil tanker was 'targeted' while transiting the Strait of Hormuz, while Persian-language and Somali BBC live reporting cited unofficial Iranian sources claiming three missiles were fired from Iran's southern coast and that two Saudi supertankers were struck near Hormuz late Monday. Iranian President Pezeshkian, speaking at the SCO summit in Bishkek, stated Iran would return to implementing the Islamabad Memorandum of Understanding if the U.S. honored its commitments — but noted American adherence to that document lasted less than two weeks. Global oil prices rose approximately $1 on the renewed hostilities, and a global bond sell-off deepened on inflation concerns tied to the energy disruption risk.