US-Iran Strikes Escalate
What happened
The US military conducted a second night of strikes against Iranian military targets, according to CNN. Iranian media reported explosions across areas beyond the Strait of Hormuz coastal zone. The Iranian Revolutionary Guard Corps said it responded by attacking US military bases across the Middle East with drones and missiles.
Why it matters
CNN reports that oil prices have risen amid the escalating hostilities and Iran's stated closure of the Strait of Hormuz, a waterway that carries roughly 20% of the world's seaborne oil supply. If you fill up at a gas station or heat your home with oil, the Strait's disruption is already moving fuel prices — analysts cited by CNN note the closure directly affects global supply chains that reach American consumers.
World view