Escalation in Gulf region follows missile and drone exchanges between Iran and U.S.

On Wednesday, Iran launched a series of missiles and drones targeting Kuwait, Bahrain, and other regional sites, marking a significant escalation following the collapse of an April 8 ceasefire. Kuwait’s foreign ministry reported one death and severe damage to Terminal 1 at Kuwait International Airport, forcing flight diversions and rescheduling. U.S. Central Command stated that most Iranian missiles either failed to hit targets, fell short, or were intercepted by U.S. and local forces. Conversely, Iranian state media claimed the Revolutionary Guards targeted the U.S. Fifth Fleet in Bahrain and other regional bases in retaliation for U.S. strikes on radar infrastructure near Qeshm Island. The U.S. military confirmed carrying out retaliatory strikes on Qeshm Island and confirmed the downing of Iranian drones. Global oil prices rose by over 1% following the news of the renewed hostilities. While U.S. officials described the Iranian attacks as failed, the conflict continues to disrupt maritime traffic in the Strait of Hormuz.