(Sept 2): The US launched a new wave of strikes against Iranian targets around the Strait of Hormuz, extending a back-and-forth of military activity in recent days with neither side prepared to cede ground over the crucial waterway.

US Central Command said it began strikes on Islamic Revolutionary Guard Corps targets following Iran’s attacks on commercial shipping and American forces in the region. Explosions were heard in Bandar Abbas and Chabahar in southern Iran, state-run Nour news reported on Tuesday. 

Oil prices rose further on the news, with WTI crude jumping to near US$90 (RM362.16) a barrel as the US and Iran exchanged attacks for the first time in about a month on Monday. 

The exchanges followed weeks of relative calm, during which US President Donald Trump’s administration said it was pivoting from military action to applying economic measures to pressure Tehran. Oil shipments through Hormuz recovered to roughly half of pre-war levels as a result of the dip in attacks, thanks in part to clandestine shuttle runs from major Middle East producers. 

Any sustained return to fighting risks driving up energy costs and inflation, which would unnerve global investors and complicate Republicans’ efforts to retain control of the US Congress in November’s midterm elections.

For Iran, a resumption in near prewar shipping volumes risks undermining its leverage in any future peace negotiations.  

The latest US strikes came a day after two oil supertankers attempting to exit the strait were hit in quick succession by projectiles, maritime security consultant Marisks said. While no one claimed responsibility for the tanker attacks, the reports followed a resumption of tit-for-tat strikes between the US and Iran over control of the chokepoint. 

On Monday, the US said it targeted Iranian rocket launchers that were preparing to send mines into the strait, and Iran retaliated with attacks on the United Arab Emirates and Jordan.

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