Gulf Ceasefire Collapses as US and Iran Exchange Strikes

The U.S. Central Command launched a massive campaign against the Islamic Revolutionary Guard Corps on Wednesday, striking more than 60 fast-attack boats, coastal radar sites, and missile batteries. Washington justified the operation as a necessary response to persistent Iranian attacks on commercial shipping. In retaliation, Tehran claimed to have fired missiles and drones at the U.S. Fifth Naval District in Bahrain and the Ali Al Salem Air Base in Kuwait, asserting they also downed an American MQ-9 surveillance drone during the engagement.

Simultaneously, the Biden administration revoked a critical license that had permitted Iran to conduct limited oil exports, setting a mid-July deadline for companies to exit all related transactions. This economic pivot, paired with the kinetic strikes, effectively dismantled the interim framework meant to facilitate long-term negotiations. As oil prices spiked more than 3% on supply fears, regional shipping remains in the crosshairs; a Qatari liquefied natural gas tanker reportedly caught fire following a drone strike, underscoring the immediate risk to one of the world’s most vital energy corridors.