Oil Prices Rise as US Strikes Strait of Hormuz and Iran Retaliates in Jordan
The United States launched military strikes against 90 targets across Iran on Thursday, prompting Tehran to retaliate with missile and drone attacks targeting U.S.-allied nations in the Gulf, including Bahrain, Kuwait, Qatar, and Jordan. The sudden escalation shatters a fragile interim ceasefire and threatens global energy shipments through the vital Strait of Hormuz.
Market Volatility and Energy Supply Chain Disruptions
Crude oil prices climbed immediately following the latest military exchanges, exposing the extreme sensitivity of global commodity markets to disruptions in the Persian Gulf. According to maritime data company Lloyd’s List Intelligence, preliminary figures showed at least 576 ships transited the Strait of Hormuz in June during a brief opening under the tentative deal, a steep drop from the more than 3,100 vessels recorded in June 2025.
U.S. President Donald Trump warned that future attacks on shipping lanes would bring severe consequences. If it happens again, it will get much worse!
These retaliatory measures aim to degrade Iran’s capacity to threaten maritime navigation in a waterway that historically carried one-fifth of the world’s traded oil and natural gas.
Regional Security Fallout Across Gulf Nations
The military exchange extended far beyond Iranian borders, triggering air defense activations throughout the Gulf region. In Kuwait, the military confirmed that falling debris wounded one person after air defense batteries intercepted three ballistic missiles, a cruise missile, and ten drones. Bahrain activated its defense systems to intercept incoming fire near the U.S. Navy’s 5th Fleet headquarters, while Qatari officials reported explosions without immediate notes of physical damage.
Jordanian government spokesperson Mohammad al-Momani stated that all incoming fire from Iran aimed at Jordanian territory had been successfully intercepted. Meanwhile, Iranian state television reported that the paramilitary Revolutionary Guard launched missiles explicitly targeting a U.S. base located in Jordan.
Human Toll and Critical Infrastructure Impact
The two days of American airstrikes resulted in significant casualties and infrastructure damage inside Iran. The Iranian Health Ministry reported Thursday that at least 14 people died and 78 others sustained injuries, with the majority identified as members of the armed forces. Additional fatalities were reported by state media in Khuzestan province and at an airport in Iranshahr.
U.S. Central Command footage confirmed strikes hitting airport runways and missile launchers. For the first time since April, operations targeted Iranian transit links, including a railway bridge in Golestan province and two bridges along the route to Mashhad. In Mashhad, tens of thousands of mourners gathered for the final funeral procession of Supreme Leader Ayatollah Ali Khamenei, who was killed during the opening salvos of the conflict on February 28. Iranian state-run news agency IRNA reported additional explosions near the Bushehr nuclear power plant complex, though Central Command’s release made no mention of the facility.