Iran targeted a US airbase following a US strike on its drone operations near the Strait of Hormuz. This escalation has diminished hopes for a peace deal and caused a renewed surge in oil prices.

<img alt="Several ships of varying sizes are shown at a distance in a body of water." height="349" src="https://i.cbc.ca/ais/d91a7f30-8305-453b-bd16-919a965b51fe,1779962557574/full/max/0/default.jpg?im=Crop%2Crect%3D%280%2C1%2C5500%2C3093%29%3BResize%3D%28620%29" title="Vessels anchored at the Strait of Hormuz, as seen from Musandam, Oman, May 25, 2026. REUTERS/Stringer REFILE - CORRECTING INFORMATION FROM &quot;VESSELS SAILING THROUGH THE STRAIT OF HORMUZ&quot; TO &quot;VESSELS ANCHORED AT THE ...