U.S. launches new barrage of strikes on Iran around Strait of Hormuz

(Reuters) – The U.S. launched new air strikes on Iranian targets ​on Tuesday, quashing hopes that an exchange of fire last weekend might not lead to a wider renewal of hostilities.

Oil prices had already risen after that first exchange of direct attacks ince July and after reports of two tankers being hit on Monday leaving the Strait, the global oil supply waterway that Iran has effectively closed to shipping. Brent crude futures, already up 2% on the day, jumped almost 2% more on the reports.

Tehran remained defiant, warning that it would prevent oil being exported from the Gulf, despite a threat by U.S. President Donald Trump to hit Iran “hard” in response to the renewed Iranian strikes, and a warning from U.S. Treasury Secretary Scott Bessent that Washington was about to impose ​new sanctions.