US and Iran Expand Military Strikes and Blockade Hormuz

The United States and Iran expanded military strikes across the Middle East over the weekend following the collapse of a month-old ceasefire. The U.S. conducted nine consecutive nights of attacks against Iranian military targets and enforced a naval blockade on Iranian ports. Iran retaliated by targeting shipping and attacking oil facilities in Kuwait and Bahrain, while the Islamic Revolutionary Guards Corps Research and Self-Sufficiency Jihad Organization reported immobilizing two oil tankers in the Strait of Hormuz.

These hostilities coincide with a sustained military campaign by the government of Benjamin Netanyahu in Israel against Iran, with ongoing operations in Gaza, southern Lebanon, and Syria. The conflict in Lebanon has displaced over 20 percent of its population, while Gaza faces a severe humanitarian crisis. Additionally, Yemen's Houthi Movement declared a separate naval blockade against Saudi Arabia.

The struggle for control over the Strait of Hormuz, which handles one-fifth of global oil trade, triggered a surge in energy costs. Brent crude surpassed $90 per barrel, and U.S. petrol prices averaged $4.00 per gallon. Experts warn that prolonged disruptions could drive crude prices above $150 per barrel, threatening food security in North Africa and South Asia. Markets saw a slight retreat on Monday after the Iranian foreign ministry suggested that negotiations with the U.S. could be pursued based on national interests.