US and Iranian forces clashed in the Strait of Hormuz on Thursday and the UAE came under renewed attack, endangering a month-old ceasefire and shaking hopes for a diplomatic solution to the conflict.
President Donald Trump insisted the ceasefire remained in effect and played down the exchange, even as both sides accused the other of firing first. The conflict began with joint US-Israeli airstrikes across Iran on February 28.
Is the US-Iran ceasefire still in place after the Strait of Hormuz clashes?
Trump confirmed the ceasefire is still in effect, despite the exchange of fire. He described the incident as Iran "trifling" with the US and said American forces responded decisively.
Iran's military also said the situation along its coastal areas returned to normal after several hours, suggesting neither side wants a full breakdown of the truce.
What happened between US and Iranian forces in the Strait of Hormuz?
Trump said three US Navy destroyers were attacked as they moved through the strait, a conduit for roughly a fifth of the world's oil and liquefied natural gas flows that Iran has largely closed since the conflict began. "Three World Class American Destroyers just transited, very successfully, out of the Strait of Hormuz, under fire," Trump wrote on Truth Social. He added that no damage was done to the destroyers, but that Iranian attackers suffered significant losses.
Iran's top joint military command accused the US of firing first, saying American forces targeted an Iranian oil tanker, another ship, and carried out air attacks on civilian areas on Qeshm Island and nearby coastal areas.
Iran said it responded by attacking US military vessels east of the strait, south of the port of Chabahar. A spokesperson for Iran's Khatam al-Anbiya Central Headquarters claimed the Iranian strikes inflicted "significant damage," but US Central Command said none of its assets were hit.
Where does the ceasefire deal stand after the latest clashes?
Trump told reporters on Thursday that negotiations with Tehran remained on track. "We're negotiating with the Iranians," he said. Before the latest strikes, the US had floated a proposal to formally end the conflict, though it did not address key American demands that Iran suspend its nuclear program and reopen the strait. Tehran said it had not yet reached a decision on the plan.
Trump said Iran had acknowledged his core demand that it could never obtain a nuclear weapon, a condition he said was written into the US proposal. "There's zero chance. And they know that, and they've agreed to that. Let's see if they are willing to sign it," Trump said. Asked when a deal might be reached, he said: "It might not happen, but it could happen any day. I believe they want to deal more than I do."
How has the Iran war affected oil prices and the US economy?
Oil prices rose sharply in early Asian trade on Friday, with Brent crude jumping above $100 a barrel following the latest clashes. Stock prices retreated after strong gains earlier in the week, driven by hopes for a swift resolution to the conflict. "Despite ongoing hostilities and still-elevated oil prices, markets are pricing a limited duration," said Marija Veitmane, head of equity research at State Street Markets.
The war has put pressure on Trump domestically. He had campaigned against foreign wars and promised to lower fuel costs, but average US gasoline prices have climbed more than 40 percent since late February, rising by about $1.20 a gallon to more than $4, according to the American Automobile Association.
The driver has been disruption to oil shipments through the Strait of Hormuz, which Iran has largely blocked since the conflict began.
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