US and Iran Exchange Strikes, Escalating Conflict and Threatening Global Shipping

The United States and Iran have exchanged military strikes, with the U.S. retaliating for an alleged Iranian attempt to mine the Strait of Hormuz and target U.S. service members. Iran, in turn, reported striking U.S. assets in several Gulf nations. This renewed fighting, after a month-long lull, has led to a spike in oil prices and increased concerns about the safety of shipping through the Strait of Hormuz, a critical global trade chokepoint. U.S. Treasury Secretary Scott Bessent indicated that new sanctions on an Iranian bank are likely this week as part of an economic campaign against Iran.