US strikes Iranian missile launch sites near Strait of Hormuz, Brent crude rises 3.3% to .33
Oil markets reacted within hours of US strikes on Iranian missile launch sites near the Strait of Hormuz on Tuesday. CENTCOM said the action was self-defense. Brent crude rose 3.3% to $99.33 a barrel. Iran's IRGC warned of retaliation against any ceasefire violation.
US Central Command confirmed it conducted self-defense strikes Tuesday on Iranian missile launch sites and vessels attempting to deploy mines in southern Iran, near the Strait of Hormuz. CENTCOM spokesperson Navy Capt. Tim Hawkins said the action was taken to protect US troops from threats posed by Iranian forces. Local reports described explosions in Bandar Abbas, roughly 70 kilometers from the strait. Brent crude futures rose 3.3 percent to $99.33 a barrel following the strikes. The Strait of Hormuz handles a significant share of global crude shipments, which is why even limited military action in the area moves oil markets within hours. Iran's Islamic Revolutionary Guard Corps warned that it would retaliate against any further violations of the ceasefire that has held since April 8. The Iranian foreign ministry said the United States had committed a ceasefire violation in the Hormozgan region over the past 48 hours. The timing is notable: an Iranian delegation was preparing to travel to Qatar for negotiations aimed at formally ending the wider US-Iran conflict when the strikes occurred. Sources: CNN, Time.