Strait of Tension: What's at Stake in Hormuz Last weekend's strike on Larak Island by US forces marked a disturbing return to hostilities between Washington and Tehran, ending a weeks long lull that had many breathing a collective sigh of relief.
The attack sent oil prices soaring, with Brent crude reaching nearly $90 per barrel – a stark reminder of the global economy's continued vulnerability to this proxy war.
The US military claims its forces targeted Iranian rocket launchers preparing to unleash sea mines into the Strait of Hormuz, a waterway that accounts for around 20% of the world's oil trade.