US forces launched two major waves of air strikes near Iran's southern coast on Wednesday, with strikes continuing through Thursday for a sixth consecutive night, after the initial Sunday operations targeting air defenses and coastal radars. At least eight people died during Thursday's overnight attacks in southern Iran, Iranian authorities said, raising the overall death toll to about 40 with more than 400 injured. The Islamic Revolutionary Guard Corps claimed destruction of several strategic refueling aircraft and an attack on a US base in Qatar, where a child was injured by shrapnel from an intercepted missile.
Iran directed Houthi allies to prepare to close the Red Sea oil route if key Iranian power infrastructure is hit, while Tehran resumed its Hormuz blockade and Washington reimposed blockades at Iranian ports. The International Monetary Fund warned global oil flows could take two to three months to normalize after the strait reopens.
Oil prices whipsawed, with Brent surpassing $87.50 a barrel before retreating, while August WTI settled at $79.11. OPEC+ will boost output by 188,000 bpd in August, though Russian crude processing hit a 21-year low amid Ukrainian refinery strikes.