Heightened tensions and military exchanges between the US and Iran

On July 8, 2026, hostilities between the United States and Iran escalated significantly following US airstrikes on more than 80 military targets within Iranian territory. The US operations were a response to previous Iranian attacks on commercial vessels in the Strait of Hormuz. In retaliation, the Iranian Revolutionary Guard Corps claimed to have struck 85 military installations in Kuwait and Bahrain, including the Sheikh Isa airbase. Iranian forces warned that any territory facilitating US strikes would be considered a legitimate target. Amidst the chaos, explosions were reported near the Bushehr nuclear power plant in Iran, while air raid sirens sounded in Bahrain and Kuwait. US President Donald Trump stated in Ankara that the ceasefire agreement with Iran is finished. Consequently, international oil prices surged by over 5%, and global financial markets experienced significant declines, with the Dow Jones and tech stocks dropping. Regional neighbors including Kuwait and Qatar condemned the attacks and called for immediate de-escalation.