Iran has intensified its campaign in the Gulf by attacking at least six tankers in the Strait of Hormuz and surrounding waters, pushing the total number of vessels hit since the war started to 16. The strikes come as Israel prepares to expand operations in Lebanon while the United States claims to be dismantling Iranian air capabilities.
Israel Expands Lebanon Campaign
Israeli Defence Minister Israel Katz instructed the military to prepare for broader action against Hezbollah, which has fired over 100 rockets into northern Israel in recent hours. Fresh Israeli airstrikes pounded Beirut’s southern suburbs, setting buildings ablaze and triggering loud explosions. Lebanese authorities say more than 600 people have been killed and 800,000 displaced in the country since the conflict began.
Hezbollah’s actions are framed as retaliation for the killing of Iran’s supreme leader, the event that ignited the wider war on March 2. Israeli officials warned Lebanese President Joseph Aoun that failure to restrain the group would invite stronger response.
Global Ripple Effects and Market Turmoil
The tanker attacks have sent shockwaves through world markets. Asian shares tumbled – MSCI ex-Japan fell 1.5 percent and Japan’s Nikkei dropped 1.4 percent – as oil prices climbed sharply. Several airlines including Air New Zealand, Qantas and Thai have cut flights or raised fares due to surging jet fuel costs.
In India, the $5 billion bottled water industry is facing price hikes because higher oil costs have pushed up polymer and packaging expenses by as much as 50 percent. Banks in the UAE and Qatar have temporarily closed branches for safety reasons, while shipping routes are being reassessed globally.
U.S. Central Command released video evidence of strikes on Iranian aircraft, stating that “the Iranian regime is losing air capability day by day”. Meanwhile Iran’s Revolutionary Guards have vowed to keep targeting ships until regional security is restored on their terms.
The Strait of Hormuz remains the focal point. Its two-mile-wide shipping lanes carry over 20 million barrels of oil daily to Asia. Any prolonged disruption risks pushing prices toward $200 a barrel, as warned by Iranian officials.
With the International Energy Agency confirming this as the worst supply crisis ever recorded and over 2,000 deaths already reported, including more than 1,100 children, international calls for de-escalation are growing. Yet both sides show no sign of backing down, leaving the world economy facing prolonged uncertainty.