Iran insists Strait of Hormuz remains closed as war enters seventh month

The U.S. and Iran have engaged in aerial combat for the first time since July, with President Donald Trump suggesting potential strikes on Iran's Kharg Island. In response, U.S. Treasury Secretary Scott Bessent announced even stricter economic sanctions against Iran. The two nations have clashed over the Strait of Hormuz and Tehran's nuclear ambitions.

U.S. forces targeted two Iranian launchers on Larak Island, while Iran retaliated by firing ballistic missiles at U.S. forces in Jordan. Several casualties have been reported on both sides. Despite the ongoing conflict, a Fox News reporter stated that most of the Iranian missiles were intercepted, causing minimal damage.

Trump shared a video of an AI-generated military strike on Kharg Island, sparking Iran's warning that such an attack on its energy facilities would significantly escalate the conflict. Both countries remain divided over the status of Hormuz, with the U.S. claiming it to be open, whereas Iran maintains it remains closed. Recent data indicated a significant drop in flows through Hormuz, leading to a sharp increase in oil prices.

Bessent warned that the U.S. might impose weekly secondary sanctions on Iran, targeting banks and other entities. He also mentioned the possibility of cutting Iran-linked entities from the dollar-based financial system. This escalation comes after the U.S. imposed further sanctions on UAE branches of Egypt's Banque Misr, allegedly linked to Iran.