Open war has erupted again across the Strait of Hormuz, following days of clashes and President Trump's announcement of the resumption of the blockade against Iranian ports.

The Pasdaran tonight attacked 2 Emirati tankers transiting through the Strait along the so-called Omani route. Damage and 1 dead among the crews have been confirmed. In response, the US struck targets across southern Iran and on the islands of the Strait. Tehran's retaliation was prompt, with several missiles and drones launched against targets in Bahrain, Kuwait and Jordan.

The conflict between Iran and the United States is thus flaring up again, entering a new "hot" phase of systematic military actions and reactions, well beyond the threshold of a "skirmish." At stake is de facto control of the strategic Hormuz waterway, and the related negotiating leverage in view of the final agreement — a prospect that in truth appears increasingly remote. Under these conditions, oil and gas prices are rising again, and so is inflation, with a renewed negative impact on global economic stability and growth.

As if that were not enough, the Yemeni front is heating up as well. Yesterday, Saudi fighters struck Sanaa airport with STORM SHADOW missiles, and the Houthis responded by attacking King Khalid base and Abha international airport.

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