US energy secretary says 17 million barrels of oil transited Hormuz Strait on Monday

The United States conducted further airstrikes on Iranian targets in the region on Tuesday, raising concerns that the escalating conflict might not remain limited. Oil prices surged following the initial direct attacks since July, and reports of two oil tankers being hit in the Strait of Hormuz, which Iran has effectively closed to shipping.

The strikes came after a weekend of attempted attacks by Iran's Islamic Revolutionary Guard Corps (IRGC) against commercial shipping and American service members. Iran's state-run media reported explosions in various locations, including Qeshm Island, Bandar Abbas, and Chabahar. US President Donald Trump warned that Iran would face "much harder and higher level" retaliation if they retaliated.

Both sides expressed readiness to respond to further attacks, highlighting the potential for a renewed military confrontation. US Secretary of Treasury Scott Bessent announced upcoming economic sanctions against Iran, signaling a shift towards a more comprehensive approach to pressure the regime. The conflict has already resulted in thousands of casualties and has threatened oil supply disruptions, with the Strait of Hormuz serving as a critical global oil transportation route.