US-Iran Conflict Escalates From Tanker Strikes to Hormuz Restrictions
Sep 5 - Sep 8
A week of US strikes, Iranian missiles, and a Hormuz shipping lane restriction pushed diesel to record highs and widened the fight to Saudi Arabia.
Friday brought the first hard economic sign of the US-Iran conflict spilling into American life: the Associated Press reported the US average diesel price hit a record $5.85 a gallon as fighting disrupted global fuel flows. The same day, AP relayed a local resident's account of "heartbreaking" scenes after a US strike killed five people, including wedding guests, in Kuhestak, Iran, on the preceding Tuesday, according to a rights group and Iranian media. The US Treasury also sanctioned a Turkish financial institution Friday as part of an effort to cut off what it called "critical financial lifelines" for Iran's government.
The next day, the US military struck three Iranian oil tankers after Iranian forces fired missiles at US Navy warships operating in the region, AP reported. No further details on casualties or the tankers' status were immediately available.
By Monday, Iran had declared a restricted zone in the Strait of Hormuz and threatened sanctions against vessels entering it, Fox News reported, following the tanker strikes and missile attack over the weekend. Reuters reported that tanker traffic through the strait, which carries a large share of the world's seaborne oil, had slowed as shippers weighed the risk. Iranian-backed Houthi forces separately launched a wave of attacks on Saudi Arabia that wounded 73 people, Saudi authorities told AP, widening the conflict beyond the direct US-Iran confrontation.