US strikes Iran after attack on ships in Strait of Hormuz

The U.S. military struck Iranian missile and drone storage locations and coastal radar sites on June 26 after President Donald Trump said Iran had violated the ceasefire by launching drone attacks on ships in the Strait of Hormuz. It was the first American strike on Iran since the ceasefire framework was extended last week.

A cargo ship transiting the Strait of Hormuz near Oman was attacked, in a waterway that carries around 20 million barrels a day of oil and oil products, or roughly 25% of the world’s seaborne oil trade. About 93% of Qatar’s LNG exports and 96% of the United Arab Emirates’ LNG exports pass through the strait, according to the International Energy Agency.

The disruption through Hormuz created the largest supply disruption in the history of the global oil market, according to the International Energy Agency, with crude and refined-product prices sharply elevated as shipping through the strait neared a halt. A prolonged closure would squeeze oil flows, strand a large share of Qatar’s gas exports, and deepen pressure on importers that depend on Gulf energy cargoes.

The United Nations International Maritime Organization temporarily paused its effort to evacuate hundreds of stranded ships and thousands of seafarers from the area after the attack. Iran retaliated, then reasserted its right to control shipping in the Strait of Hormuz and warned Gulf states against siding with the United States.