U.S. and Iran exchange strikes as Hormuz tensions rise

U.S. and Iranian forces traded strikes over the weekend as tensions over the Strait of Hormuz intensified, with both sides giving different accounts of whether the waterway remained open to shipping. Iran said its attacks hit American military bases in Kuwait, Bahrain, Jordan, Oman and Qatar. U.S. Central Command said American forces struck dozens of targets across several locations, including air defense systems, radar sites, missile and drone capabilities, and small boats. The escalation has raised fresh concerns about the Strait of Hormuz, a major route for global oil shipments that handles about onefifth of the world’s oil traffic. Brent and WTI crude prices moved higher on Monday as markets reacted to the latest fighting and the risk of disruption to energy flows.