A fresh wave of US airstrikes on Iranian military targets on Greater Tunb Island has triggered threats from Iran’s Revolutionary Guards to shut down the Strait of Hormuz and other regional oil and gas export routes. The escalation has caused global oil prices to surge and tanker traffic to stall, especially after President Donald Trump threatened to bomb Iran’s infrastructure and energy targets next week if they do not resume talks. This flare-up follows a renewed US naval blockade on Iranian ports, which violated a brief truce agreement made last month. In retaliation to the US offensive, Iranian state media reports that Iran’s military launched retaliatory drone and missile attacks on US targets in Jordan, Kuwait, and Bahrain, which were reportedly intercepted.