CAIRO/DUBAI/WASHINGTON – Iran fired ballistic missiles at a US air base in Jordan on Tuesday and the United States attacked Iranian targets for five hours in a battle for control of the Strait of Hormuz that has pushed up oil prices to four-week highs.
US forces launched waves of attacks for the third successive night after Iran said on Saturday it was closing the strait, prompting US President Donald Trump to reinstate a blockade of Iranian shipping and propose charging a 20 per cent fee to guard the vital waterway.
The strikes have increased doubts that a memorandum of understanding (MoU) signed last month will lead to a permanent halt in the war, which has disrupted global energy supplies and raised fears of a rise in inflation across the world.
Regional analysts said the hostilities remained within controlled boundaries for now, with both sides seeking leverage for an eventual peace deal, but that there was still a risk of fighting spinning out of control.
“I doubt the two sides will resume a full war, especially as Trump will suffer — though there is also a distinct possibility that the Iranians will overplay their hand. That is true of Trump too, of course,” said Yezid Sayigh, a senior fellow at the Carnegie Middle East Center.
The war has proved unpopular in the US, where gasoline prices have risen since the start of the war and congressional elections are looming in November.
Oil prices rose again on Tuesday, with Brent crude futures gaining five per cent to hit $87.49 per barrel — the highest since June 12 but still well below the peak since the war began. (Reuters)