Hormuz Tensions Escalate With Iran Attacks

President Trump continued to frame the Iran confrontation as a wider skirmish while vowing harsher actions against Iran’s infrastructure as Tehran and its proxies escalate attacks on ships transiting the Strait of Hormuz. US forces have carried out ongoing strikes against Iranian targets, and Iran has retaliated by hitting bases in Jordan and Kuwait. Trump has threatened further actions, including targeting bridges or power plants in response to any additional shipping attacks. Financial markets reacted to the increased risk, with oil prices rising and stocks slipping as traders priced in potential supply disruptions and inflation pressures. The Houthis intensified a Red Sea threat, signaling a blockade that could affect Saudi exports and potentially disrupt Bab el-Mandeb and Suez Canal traffic, challenging free navigation. Separately, US and allied officials signaled efforts toward a civil, safeguarded nuclear cooperation framework with Saudi Arabia amid broader nonproliferation aims.