US and Iran Exchange Intensifying Fire, Threatening Ceasefire and Global Oil Supply

The United States launched new airstrikes against Iran early Thursday, with Tehran responding by targeting US-allied Middle Eastern countries, further eroding an interim ceasefire deal. President Donald Trump declared the ceasefire 'over' at the NATO summit, and an Iranian official accused the US of striking near Iran's nuclear power plant. Iran has also threatened to close the Strait of Hormuz if further attacked, a move that would significantly disrupt global oil and natural gas flows and has already contributed to a surge in oil prices.