Iran’s Revolutionary Guards declared on Wednesday that they now have “complete control” over the Strait of Hormuz, a critical passage for global oil and gas shipments.
The announcement comes amid escalating airstrikes by Israel targeting Iranian and Lebanese sites, as the Middle East war enters its fifth day.
Strait of Hormuz Threats
The Revolutionary Guards warned that vessels attempting to traverse the strait face risks from missiles and drones.
US President Donald Trump confirmed that the US Navy is prepared to escort oil tankers through the strategic Gulf route. Iran has launched more than 40 missiles at US and Israeli targets in retaliation.
Khamenei State Funeral and Security Concerns
Iran will hold a three-day state funeral for Supreme Leader Ayatollah Ali Khamenei, killed during US-Israeli strikes that triggered the conflict.
Israel’s defense minister warned that Khamenei’s successor could also be targeted.
Regional Economic Impact
Gulf stock markets plunged as Dubai and Abu Dhabi exchanges reopened after a two-day suspension.
Dubai’s bourse fell 4.7%, Abu Dhabi’s ADX lost 3.5%, and Seoul shares dropped over 12% amid global panic selling. Meanwhile, oil prices surged.
Military Strikes and Casualties
Air raid sirens sounded across Israel, including Jerusalem and Tel Aviv, as Iranian missiles were intercepted.
Explosions hit Hezbollah strongholds in southern Beirut, killing six and wounding eight, while Israeli strikes on Hazmieh and Baalbek reportedly killed five.
The US reported nearly 2,000 Iranian targets struck, including ballistic missile sites and launchers.
Regional Security Alerts
Saudi Arabia intercepted cruise missiles and drones, while Qatar dismantled Iranian spy cells.
US diplomatic staff in Pakistan, Saudi Arabia, Oman, and Cyprus were allowed to leave due to escalating risks.
Drone Attacks and Naval Incidents
A drone attack ignited a fire at the US consulate in Dubai, and Sri Lanka reported an Iranian frigate sinking outside its waters with 180 crew aboard, cause unknown.
