U.S. and Iran Trade Direct Strikes as 2026 Ceasefire Collapses

The U.S. military launched a massive wave of strikes against approximately 90 Iranian targets between July 8 and 9, significantly escalating regional tensions. U.S. Central Command (CENTCOM) confirmed the operations targeted air-defense systems, coastal radars, and more than 60 IRGC small boats in the Strait of Hormuz. In a direct escalation of the conflict, Iran’s Islamic Revolutionary Guard Corps retaliated by firing missiles at U.S. bases in Bahrain and Kuwait, marking a shift from maritime skirmishes to land-based strikes on Gulf host nations. President Donald Trump, speaking at the NATO summit in Ankara, formally declared the 2026 ceasefire over, characterizing the previous negotiations as a 'waste of time.' Concurrently, the U.S. Office of Foreign Assets Control revoked license GL X, effectively ending Iran's ability to sell oil in U.S. dollars. A wind-down period for these transactions is set to expire on July 17. The escalation occurs during a sensitive period of leadership transition in Tehran following the death of Supreme Leader Ayatollah Ali Khamenei. The renewed hostilities have caused global oil prices to surge by over 6%, while the UK Maritime Trade Operations Centre has raised the threat level for commercial shipping in the Strait of Hormuz to 'severe' following attacks on several commercial vessels.