# IranUSConflictEscalates

In the early hours of May 8 local time, the U.S. military violated the ceasefire agreement, launching airstrikes on Iran's coastal areas and oil tankers. The Iranian armed forces quickly counterattacked, using ballistic missiles, anti-ship cruise missiles, and drones to strike U.S. naval vessels east of the Strait of Hormuz. Iran's Revolutionary Guard claimed to have repelled three U.S. destroyers, inflicting "significant losses." Oil prices, which had plunged 7% earlier on ceasefire hopes, rebounded sharply, while U.S. stocks erased gains. Tensions at the Strait of Hormuz have reignited, fueling risk-off sentiment and near-term volatility for risk assets.