Iran Hits 5 Gulf States Hosting U.S. Bases as Hormuz Tensions Lift Oil 2.8%
Updated
Updated · CNBC · Jul 12
Iran Hits 5 Gulf States Hosting U.S. Bases as Hormuz Tensions Lift Oil 2.8%
3 articles · Updated · CNBC · Jul 12
Summary
Iran said it struck U.S. bases in Kuwait, Bahrain, Jordan, Oman and Qatar after a fresh weekend wave of American attacks, with Bahrain sounding sirens for a third time on Monday.
Dozens of U.S. strikes hit Iranian air defenses, coastal radar, missile and drone assets, and small boats, which Centcom said were targeted to curb attacks on shipping through the Strait of Hormuz.
Brent crude rose 2.8% to $78.14 and WTI gained 2.5% to $73.24 as Washington and Tehran gave conflicting accounts of whether the strait remains open.
The exchange further undermines last month's interim peace deal after Trump said Friday that talks would continue but the ceasefire had been scrapped.
The Strait of Hormuz carries about 20% of global oil traffic, raising wider concern that the fighting could disrupt a critical energy chokepoint.
As Gulf nations question US reliability, are new security alliances forming in the Middle East without Washington?
After another failed ceasefire, what viable path to de-escalation between the US and Iran actually remains?
With oil and fertilizer flows choked, is the world on the brink of a simultaneous energy and food crisis?
The 2026 US-Iran Crisis: Strait of Hormuz Blockade, Global Energy Shock, and the New Middle East Instability
Overview
In July 2026, a series of attacks on commercial tankers—including vessels from Liberia, Saudi Arabia, the Marshall Islands, and Qatar—sparked a rapid escalation between the United States and Iran. The U.S. accused Iran of these attacks and responded with retaliatory strikes on Iranian targets, including near the Bushehr nuclear plant, while also re-imposing sanctions on Iranian oil sales. The United Kingdom raised the threat level in the Strait of Hormuz to 'severe,' highlighting the growing risk to global shipping and energy supplies. These events triggered a cycle of military and economic actions, deepening regional instability and global economic disruption.