US-Iran Strikes Dash Peace Hopes, Oil Prices Soar

Hopes for a near-term peace deal between the United States and Iran are rapidly fading, as the two nations exchanged military strikes for a second consecutive day on Thursday (11/6/2026). The escalation not only worsens the security situation in the Middle East but has also triggered a surge in global oil prices. US Central Command (Centcom) confirmed that the American military struck a number of strategic targets in Iran, claiming the operation was an act of self-defence against sustained aggression attributed to Tehran. The airstrikes, which began on Wednesday afternoon Washington time or early Thursday morning in Iran, targeted the southern region. Explosions were reported at crucial points such as Bandar Abbas, Qeshm, and Minab, near the Strait of Hormuz. Centcom stated the operation was complete, focusing specifically on military surveillance facilities, communications systems, and air defence infrastructure. ‘American forces used precision munitions against Iranian targets assessed to be threatening US personnel and international commercial vessels,’ the official Centcom statement read. Tensions were sharpened by US President Donald Trump’s accusation that Iran was deliberately slowing negotiations to end the three-month-long war. Trump signalled that strikes would continue if Washington’s conditions were not met. ‘They keep playing games with us. Now they have to pay the price,’ Trump asserted. Echoing this, US Defence Secretary Pete Hegseth stressed that the military option remains a priority at the negotiating table. ‘If the President wants it, we can negotiate with bombs, and we are very skilled at doing it,’ Hegseth said. In response to the attacks, Iran’s Islamic Revolutionary Guard Corps (IRGC) immediately launched retaliatory strikes on US military facilities in Bahrain and Kuwait. Iranian state media reported that communications and radar installations belonging to the US Navy’s Fifth Fleet in Bahrain were the primary targets. Consequently, Bahrain issued an airstrike warning for civilians, and Kuwait temporarily closed its airspace after activating its air defence systems. The most serious threat came from IRGC Aerospace Force Commander Majid Mousavi, who warned that the Strait of Hormuz is now completely closed to international shipping. ‘Do you want to make the sacred Strait of Hormuz unsafe? We will make this region a hell for you,’ Mousavi declared. Despite the heated situation on the ground, diplomatic channels are reportedly not entirely severed. Mediators from Qatar are said to remain in Tehran attempting to bridge the sharp differences between the two sides. However, with physical attacks on two neighbouring countries and the closure of the vital shipping lane, analysts believe the space for peaceful dialogue is at its lowest point since the conflict erupted three months ago.