The United States has renewed military strikes on Iran, and Tehran has responded with warnings that it could disrupt shipping through the Strait of Hormuz, the narrow waterway through which a large share of the world's oil passes each day.

The latest exchange came in a confrontation that has drawn in energy markets, regional neighbors and the U.S. Congress. American forces struck at least one tanker, and Washington moved to reimpose a blockade on Iran. Iran carried out an attack on Jordan, widening the geographic reach of the conflict.

At the center of the standoff is the Strait of Hormuz. Iranian officials described any American action against Iranian interests there as crossing a "red line," and said Tehran would retaliate if President Donald Trump carried out his threats. Iran also signaled it could move to block additional trade routes.

Trump said he was open to targeting Iran's Revolutionary Guard in the way the United States pursued the Islamic State group. At another point, the administration signaled openness to a negotiated outcome. There was reported progress toward an Iran peace agreement, and Trump called off a planned round of strikes.

The economic effects were felt quickly. Oil prices held near their highest level in a month, dipping slightly but remaining elevated. In the United States, mortgage rates rose again.

The conflict also reopened questions about presidential war powers. Trump submitted a notice to Congress that, by law, starts a clock on U.S. military engagement abroad. The move was described as aimed at resetting that timeline.

The cost of a potential war became a point of dispute. Estimates for a war with Iran have continued to climb, a trajectory that has been set against earlier figures offered by the administration. A toll Trump sought to impose in the strait was reported to be both unpopular and difficult to enforce, given the practical challenge of policing the waterway.

Amid the strikes, Iran released a U.S. citizen it had held.

The Strait of Hormuz has also served as a reference point elsewhere, with comparisons drawn to other contested waterways, including disruptions affecting Russian shipping as Ukrainian forces pressed to shut down a key route.

How far the confrontation will go remains uncertain, with military action, diplomatic openings and economic pressure all unfolding at once.

References

1. 1.CBS News — reported progress toward an Iran peace agreement and Trump calling off a planned round of strikes
2. 2.NPR — reported the war-powers notice aimed at resetting the engagement timeline
3. 3.MSNBC — reported rising cost estimates for a war with Iran relative to earlier administration figures
4. 4.NBC News — reported that a toll in the strait was unpopular and difficult to enforce