Tensions Escalate in Hormuz Strait Amid U.S.-Iran Conflict

Tensions have escalated in the Hormuz Strait following a reported exchange of fire between U.S. and Iranian forces, according to a report by the Financial Times. The crisis has led to a spike in oil prices, reaching $115 per barrel, and a sell-off in U.S. Treasury bonds. According to PANews, the U.S. has initiated 'Project Freedom' to reopen the strait, with the U.S. military claiming to have destroyed six Iranian boats and intercepted missiles and drones launched by the Iranian Revolutionary Guard. Additionally, two U.S. commercial vessels were escorted through the strait. Reuters noted that conflicting reports from both sides make it difficult to independently verify the situation on the ground. Meanwhile, the Associated Press reported that the UAE intercepted 15 missiles and four drones, resulting in damage and casualties in the Fujairah region. Iran has neither confirmed nor denied responsibility but accused the U.S. of 'military adventurism.'