Iran Hits Qatar, UAE as US Strikes 300 Iranian Military Targets

Iran sharply escalated its four-month conflict with the United States over the weekend, extending missile and drone strikes to Qatar and the United Arab Emirates for the first time in months while US Central Command reported hitting more than 300 Iranian military targets over three consecutive nights, including 140 targets on Saturday alone, according to Reuters.

Tehran also struck Jordan, Kuwait, and Oman, broadening an offensive that had largely spared those nations in recent months. Qatar, which has played a mediator role in ceasefire talks, said three people including a child were injured by falling shrapnel and held Iran fully responsible. Kuwait reported damage and an injury at an oil drilling platform, Bahrain said it intercepted several aerial attacks, and Oman confirmed drone strikes across two regions.

Read more 3 Stocks Top Wall Street Analysts Back for Long-Term Gains →

Iran's Persian Gulf Strait Authority declared the Strait of Hormuz closed to unauthorized vessels, saying permits would only resume once "stability and calm" returned — a move markets are treating as a major new supply-risk signal. The US, which also struck Iranian missile systems, air defenses, and IRGC speedboats near the strait per Axios, insists shipping is still moving via a southern route. A revoked license for Iranian crude sales adds further upward pressure on global oil prices.

Complicating the picture is the continued public absence of Iran's new supreme leader, Mojtaba Khamenei, who issued only a written statement vowing revenge for his father's killing in the February 28 strike that triggered the conflict. That absence is feeding market uncertainty about Tehran's command structure and its capacity to either escalate or negotiate. An Indian national was also reported missing after an attack on the container vessel GFS Galaxy off Oman, with 23 crew members rescued.

Continue reading at Forexlive.