Strait of Hormuz Flashpoint: The U.S. launched a fresh wave of strikes on Iran after three commercial vessels were hit near Hormuz, with CENTCOM saying the goal was to impose “heavy costs” for attacks on shipping. Retaliation Across the Gulf: Iran’s IRGC claimed it struck “85” U.S. military targets in Bahrain and Kuwait with missiles and drones, while sirens and air-defence activity were reported in both countries. Oil Sanctions Tighten: Washington revoked the license/waiver that had temporarily allowed Iranian oil sales, leaving about 63 million barrels stranded on tankers without confirmed buyers. Market Reaction: Brent jumped back above $76 as traders priced in higher supply risk and a fragile ceasefire, while equities and crypto slid on the renewed escalation. Shipping Disruptions: Multiple tankers reportedly turned back or delayed transits as maritime risk levels were raised to “severe,” underscoring how quickly Hormuz traffic can seize up. Diplomacy Under Strain: Iran and the U.S. traded accusations of memorandum violations as NATO leaders met in Ankara, with Rutte backing the strikes as “absolutely necessary.”