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3 min read | Updated on July 13, 2026, 09:51 IST
SUMMARY
Fears of supply disruptions pushed global oil prices higher, with Brent crude rising more than 4% to around $79 a barrel and US benchmark West Texas Intermediate climbing above $74 a barrel.

The confrontation has intensified uncertainty around the Strait of Hormuz. Image: Shutterstock
Iran’s Islamic Revolutionary Guard Corps (IRGC) on Monday said that it had launched a new wave of retaliatory missile and drone attacks targeting military bases used by US forces in Bahrain, Kuwait and Jordan, hours after the US military announced fresh strikes on Iranian military sites.
IRGC said its forces struck the Ali Al Salem and Ahmad Al Jaber military bases in Kuwait, both Kuwaiti installations that host US troops.
Iran's semi-official Fars news agency quoted the Guard as saying it had "completely destroyed" fuel storage tanks and Patriot air defense systems at Ali Al Salem.
The Guard also said it attacked Bahrain's Sheikh Isa Air Base in the second phase of its retaliatory operation.
Sheikh Isa is a Bahraini military base that has hosted US aircraft and operations, though it is not home to the US Navy's Fifth Fleet headquarters, which is located elsewhere in Bahrain.
According to Fars, the IRGC said it struck helicopter maintenance facilities, a hangar housing a P-8 Poseidon maritime patrol aircraft and a drone command-and-control center at the base.
Iran also claimed its forces hit Jordan's Prince Hassan Air Base, saying missiles and drones set fire to fuel storage facilities and weapons depots at the installation, which has been used by US forces.
"The retaliatory operations will continue," the IRGC said in a statement.
Bahrain's Interior Ministry said air raid sirens had sounded across the kingdom and urged residents to seek shelter.
"Citizens and residents are urged to remain calm and head to the nearest safe place," the ministry said in a post on X.
There were no immediate reports of damage.
The Iranian attacks followed a new round of US military strikes announced by US Central Command, or CENTCOM.
In a statement posted on X, CENTCOM said US forces carried out "a new wave of offensive strikes" on Sunday against dozens of Iranian targets, including air defense systems, coastal radar sites, missile and drone capabilities, and small boats.
The command said the attacks were intended to degrade Iran's ability to threaten commercial shipping in the Strait of Hormuz, through which about one-fifth of global oil and liquefied natural gas shipments passed before the conflict erupted in late February.
"The Strait of Hormuz is a vital maritime corridor for global trade. Iran does not control it," CENTCOM said.
The latest strikes marked another escalation in a cycle of attacks and counterattacks between Washington and Tehran as tensions over the strategically important waterway deepen.
US President Donald Trump said Sunday that the Strait of Hormuz remained open to commercial traffic.
Iran, however, has said it closed the waterway after accusing ships of sailing without authorisation.
Iranian authorities said they fired a warning shot that struck one vessel on Saturday and disabled another on Sunday.
Ship-tracking data from Kpler showed only six vessels transited the strait on Sunday, the lowest daily number in five weeks.
India said one of its nationals was missing after an attack on the container ship GFS Galaxy off the coast of Oman.
The renewed fighting has further clouded the future of an interim US-Iran agreement reached last month that sought to reopen the Strait of Hormuz and create space for additional negotiations.
On Monday, Brent crude rose more than 4% to about $79 a barrel, while US benchmark West Texas Intermediate also gained more than 4% to trade above $74 a barrel in early trading amid concerns over supplies.
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