Iran and Israel Trade Strikes as Ceasefire Collapses, Oil Prices Spike
Iran launched its first missile attacks on Israel since a ceasefire was agreed in April, calling the strikes the start of "a full week" of operations, which pushed oil prices higher as markets reacted to the renewed conflict [167961]. Israel retaliated with air strikes on Iran, testing the fragile two-month truce [167976]. The direct exchanges mark the collapse of the ceasefire and have sparked fears of a wider regional war [168078].
The United States and Iran also exchanged fire in the Gulf on Wednesday, testing the limits of the fragile truce. American forces struck Iranian drones and radar sites, while Iran launched missiles at US bases in the region, marking the most serious direct confrontation between the two sides since the ceasefire was agreed [168138]. No casualties have been reported from those strikes [168138].
US President Donald Trump urged both sides in back-to-back social media posts to "immediately stop 'shooting'" and later announced that Iran and Israel were "looking to do an immediate CEASEFIRE!" [168078]. Trump added that "final" peace negotiations were "proceeding, subject to ignorance or stupidity" [168078].
Iran's Revolutionary Guard has also again threatened to close the Strait of Hormuz, a narrow waterway through which about 20% of the world's oil passes, following a US attack on Iranian radar facilities [167750]. Any blockade would disrupt global energy supplies [167750].