U.S. and Iranian forces exchanged fire near Iran on September 5, with Iran's Revolutionary Guard Corps firing ballistic missiles at two U.S. Navy ships and Washington striking back at three Iranian oil tankers. Brent crude closed at its highest level since July 24 as the clash raised fresh doubts over Gulf oil flows.
The Islamic Revolutionary Guard Corps Navy fired ballistic missiles at two U.S. Navy warships patrolling the Strait of Hormuz on September 5, targeting an aircraft carrier and a guided-missile destroyer that both evaded the incoming fire. No American personnel were harmed.
US Central Command hits three Iranian tankers
U.S. Central Command said it struck three Iranian vessels within hours, including one off the coast of Kharg Island, Iran's main oil export hub. Admiral Brad Cooper, the command's chief, framed the strikes as an economic penalty: According to Central Command: "we will impose an even higher economic cost". The retaliatory strikes hit the M/T Downy, M/T Stark 1 and M/T Kylo, tankers linked to IRGC operations and Iran's crude transport network.
Tehran's IRGC Navy threatened intensified strikes on U.S. vessels in response. Tasnim, Iran's semi-official news agency, reported that four U.S. missiles hit a tanker near Kharg's anchorage, with no casualties and the crew being evacuated.
Brent crude climbs as the Strait stays tense
Brent crude futures closed at $96.28 a barrel on Friday, their highest level since July 24, as Middle East tensions stoke supply concerns.
Iran is OPEC's third-largest producer and exported 90% of its crude via Kharg Island before the war. But flows have been disrupted since a U.S. blockade of Iranian oil exports began in mid-April. The U.S. imposed that blockade after Iran effectively shut the Strait of Hormuz, a waterway that carried one-fifth of the world's oil supply before the conflict. Insurance premiums for vessels transiting the Strait have been climbing throughout 2026 as the security situation deteriorated.
Egypt pushes for a return to talks
Egypt's Foreign Minister Badr Abdelatty called for an end to the confrontation and a return to negotiations, in a call with Oman's Foreign Minister Badr Al-Busaidi. Oman has been playing a mediating role in indirect talks between the U.S. and Iran amid a fragile ceasefire. The exchange of strikes follows an escalation over the past week that threatens to deepen a conflict that has continued since the U.S. and Israel launched strikes on Iran in February.
Sources: Investing.com, Crypto Briefing
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