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US and Iran exchange strikes over Strait of Hormuz, raising oil price fears.

Market News
13 Jul 2026
CNBC
View Source
Bearish
pluang ai news

US and Iranian forces exchanged military strikes targeting bases and defense systems in Gulf states, escalating tensions around the strategic Strait of Hormuz. Iran launched attacks on US bases in Kuwait, Bahrain, Jordan, Oman, and Qatar in retaliation to US bombings, while the US hit dozens of Iranian targets using fighter jets, naval vessels, and new one-way attack drones. This conflict threatens the recent interim peace deal aimed at reopening the Strait, a critical chokepoint for about 20% of global oil traffic. The renewed hostilities have driven oil prices up by around 4%, raising concerns about further disruptions to energy supplies.

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