Reported from the source

Quick summary: US President Donald Trump announced the US Navy may escort oil tankers through the Strait of Hormuz and ordered the provision of political risk insurance for maritime trade in the Gulf to counter soaring energy prices. Concurrently, the Israeli military confirmed it has launched a “broad wave” of strikes on Iran. These developments unfold amid escalating conflict, significant global market turbulence, and humanitarian displacement in Lebanon.

US President Donald Trump stated on Tuesday that the US Navy could begin escorting oil tankers through the Strait of Hormuz if necessary, marking one of the administration’s most aggressive steps to contain energy prices. He also ordered the US International Development Finance Corporation (DFC) to provide political risk insurance and financial guarantees for maritime trade in the Gulf. This comes as global crude prices have spiked following US-Israeli strikes on Iran, which have interrupted Middle East oil tanker shipments. Separately, the Israeli military (IDF) confirmed it has launched a “broad wave” of “extensive strikes” targeting launch sites, defense systems, and other Iranian infrastructure. Amid the escalating conflict, the US military reported destroying 17 Iranian ships, including a submarine, and striking nearly 2,000 targets in Iran. The CIA station at the US embassy in Saudi Arabia was hit on Monday by a suspected Iranian drone, resulting in limited fire and material damage, though there’s no indication the station was the target. Four US Army Reserve soldiers were killed in a drone strike in Kuwait on Sunday, a day after the US and Israel launched their military campaign against Iran. Economically, global oil and gas prices have soared, with Brent crude settling up 4.7% at $81.40 a barrel and European gas prices surging by as much as 40%. Global markets experienced turbulence, with Tokyo’s Nikkei 225 down 1.7% and Seoul’s Kospi down 3.1% in early trading. Humanitarian concerns are also rising, with at least 30,000 people displaced in Lebanon following heavy Israeli airstrikes. Thousands of Syrians have returned to their home country from Lebanon. Politically, Canadian Prime Minister Mark Carney called for rapid de-escalation and respect for international law. Trump, addressing criticism, denied Israel forced his hand into military action against Iran, suggesting he might have forced theirs. He also expressed concern that regime change in Iran could result in leadership “as bad as the previous person.” Syria’s defense ministry reinforced its borders with Lebanon and Iraq. Qatar’s security agencies reported arresting two cells associated with Iran’s Revolutionary Guards. In Pakistan, the opposition demanded withdrawal from the Gaza Peace Board after pro-Iran protests, which included the storming of the US consulate and resulted in over 30 deaths.

Source: www.theguardian.com