The United States and Iran exchanged military strikes, escalating their conflict, according to reports from CBS News, The Associated Press and The Guardian.

CBS News reported that the United States launched strikes on Iran following the downing of a U.S. Army Apache helicopter. The Hill reported that Iran targeted U.S. bases across the Gulf region in what it described as an escalating exchange.

President Donald Trump said the United States would hit Iran "very hard tonight," according to The Independent, Forbes and the Boston Globe. The Independent reported that Trump also said he was not certain the United States had an "appetite" for war.

Trump said Iran was taking "too long to negotiate a deal" and that "now they will have to pay the price," according to AP. The Guardian reported that the strikes followed Trump's threats to Tehran over stalled talks.

Trump said the United States would take "total control" of Iran's oil industry, including the Kharg Island export terminal, according to CNBC, the New York Post and the Washington Examiner. The Daily Mail reported that Trump referred to a plan involving what it called the "Forbidden Island."

Al Jazeera reported on questions surrounding the status of the Strait of Hormuz, examining whether Iran had closed the waterway. Bloomberg reported that Iraq increased its oil exports as additional tankers transited the Strait of Hormuz. Bloomberg also reported that an Iran-linked oil tanker suffered a fire in an incident in the Gulf of Oman.

The New York Times reported on Trump's account of an operation to ferry oil past Iran, stating that the mission Trump described as secret had been widely disclosed. Al Jazeera examined Trump's claim that the United States moved 100 million barrels of oil out of the Hormuz region.

Al Jazeera reported that video showed the aftermath of an Iranian attack in Bahrain.

Yahoo Finance reported that the Dow, S&P 500 and Nasdaq rose after the United States completed a round of strikes on Iran. CNN reported that inflation was projected to exceed 4% for the first time in three years, attributing the projection to price effects linked to the conflict. MSNBC reported that U.S. inflation increased in May.

The Times of Israel reported that Iran and Ukraine were topics at the G7 summit. The Hill reported that Trump shared a clip from the television program "The West Wing" addressing the concept of a "proportional response" after the strikes.