Key facts
- The U.S. military intercepted an Iranian ballistic missile barrage targeting its forces in the Middle East.
- The missile interception occurred during a brief pause in fighting.
- Saudi Arabia joined the U.S. in striking Iran-backed proxies in Iraq.
- The U.S. imposed sanctions on 10 entities and 8 tankers linked to Iran's oil activities.
- Iran's IRGC seized three oil tankers for allegedly unsafe routes.
- Iran rejected Oman's proposal for shared control of the Strait of Hormuz.
- Iran demanded majority control of the Strait of Hormuz.
- Renewed strikes in the region have led to rising oil prices.
- The UK's FTSE 100 index is expected to fall due to U.S. retaliation against Iran.
- Joint strikes by the U.S. and Saudi Arabia against Iran-backed militias in Iraq followed an attempted surprise attack.
The U.S. military reported intercepting an Iranian ballistic missile barrage that targeted its forces in the Middle East. This incident occurred amid a brief pause in fighting and coincided with meetings between Donald Trump and leaders from Israel and Ukraine. The U.S. has also imposed new sanctions on 10 entities and 8 tankers linked to Iran's oil activities. These sanctions follow accusations that these entities were extorting ships transiting the Strait of Hormuz. The action by the U.S. comes after Iran's IRGC seized three oil tankers, citing allegations of unsafe routes. Saudi Arabia has publicly joined military escalations against Iran-backed proxies, conducting strikes in Iraq alongside the U.S. This move complicates the ongoing conflict, which has seen renewed strikes from both sides. Diplomatic efforts to de-escalate the situation have stalled due to deepening mistrust. In a separate development, Iran has rejected a proposal from Oman that suggested evenly sharing control of the Strait of Hormuz. Iran instead demands to control the majority of this critical maritime chokepoint. The rejection comes amid renewed strikes in the region and rising oil prices. The escalating tensions are expected to impact global financial markets, with the UK's FTSE 100 index anticipated to fall as a result of the U.S. retaliating against Iran's attacks. The joint strikes by the U.S. and Saudi Arabia against Iran-backed militias in Iraq follow an attempted surprise attack and mark an end to a pause in the conflict, affecting oil prices and stock markets.