US Strikes Iranian Missile Sites Near Strait of Hormuz as Oil Prices Surge

March 17, 2026 – U.S. Military forces in the Middle East announced they bombed Iranian missile launch sites near the Strait of Hormuz, a critical waterway for global oil and gas transport. The strikes arrive as tensions escalate following a U.S.-Israeli war against Iran, triggered by the killing of Iran’s supreme leader Ali Khamenei. Iran has retaliated with missile and drone attacks and has effectively closed the Strait of Hormuz to most commercial shipping.

Key Developments

• US Military Action: U.S. Forces employed 5,000-pound deep penetrator munitions on hardened Iranian missile sites along the coastline near the Strait of Hormuz. U.S. Central Command stated the Iranian anti-ship cruise missiles posed a risk to international shipping.
• Iranian Official Killed: Ali Larijani, Iran’s top intelligence official, was killed in a U.S.-Israeli airstrike, confirmed by Iranian state media. Larijani held several key positions within the Iranian government, including former speaker of parliament and advisor to Ayatollah Khamenei.
• Strait of Hormuz Closure: More than 1,000 cargo ships, primarily oil and gas tankers, have been blocked from transiting the Strait of Hormuz. The Guardian reports this closure has the potential for a large global economic impact.
• Oil Prices Rise: Oil prices have surged in response to the conflict, with Brent crude trading around $103 a barrel. Gas prices nationwide are averaging $3.818 a gallon.
• Federal Reserve Meeting: The Federal Reserve is scheduled to announce its policy decision on March 18, facing a challenging situation with rising inflation and potential economic slowdown.

International Response and Concerns

President Trump has sought international assistance to reopen the Strait of Hormuz, but has faced limited support from allies. Most NATO allies have expressed reluctance to participate in a naval task force, with some offering only minimal assistance. Trump stated the U.S. Does not need their help, asserting American military strength.

Russia has reportedly increased its intelligence and military assistance to Iran, including providing satellite imagery and drone technology. However, Russian officials have denied these claims.

Economic Impacts

The disruption to oil and gas shipments through the Strait of Hormuz is causing significant economic concerns. The U.S. Administration is considering easing sanctions on Venezuela’s crude oil industry to increase global supply. However, analysts expect it will accept months, if not years, for Venezuelan oil production to significantly impact the market.

The conflict is also impacting humanitarian aid deliveries. Medical supplies to Sudan are facing delays due to airspace closures and shipping disruptions.

Internal Dissent and Resignations

Joe Kent, the head of the U.S. National Counterterrorism Center, resigned in protest, stating that Iran posed no imminent threat and that the war was driven by pressure from Israel. His resignation has sparked debate and criticism from both sides of the political spectrum.

The Strait of Hormuz: A Critical Chokepoint

The Strait of Hormuz is the world’s most important oil choke point, carrying roughly one-fifth of the world’s crude oil supply. The strait is narrow, just 21 nautical miles wide at its narrowest point, and has historically been a target for leverage in regional conflicts.