Iran Expands Gulf Strikes Amid Economic Squeeze; Strait of Hormuz Shipping Remains Low, Driving Up Global Fuel Prices

Iran has escalated its attacks on US-linked targets in the Gulf, reportedly striking US-used bases in Kuwait and the United Arab Emirates with missiles and drones. This comes as Washington intensifies economic pressure on Tehran. Consequently, ship traffic in the critical Strait of Hormuz remains low following recent exchanges of attacks between the US and Iran, contributing to a surge in global fuel prices. US diesel prices, in particular, have hit a record average of $5.85 per gallon. US Vice President JD Vance has stated he would not characterize the ongoing military conflict with Iran as a 'war,' while reports of a US strike on an Iranian wedding causing civilian casualties are under investigation. South Korea is also reportedly considering a military deployment to the Strait of Hormuz under pressure from the US.