On July 7, 2026, local time, the U.S. Central Command announced the completion of a new round of large-scale military strikes against Iran, hitting over 80 targets, including Iran's air defense systems, command and control networks, coastal radar sites, and over 60 small boats of the Islamic Revolutionary Guard Corps. The U.S. Treasury simultaneously revoked the previously granted 60-day sanctions exemption for Iranian oil sales. Multiple locations in southern Iran, including Qeshm Island, Sirik, and Bandar Abbas, reported explosions in the early hours of July 8. The Iranian military quickly responded, declaring all U.S. military bases in the Middle East as "legitimate targets" and launching retaliatory strikes against U.S. bases in Bahrain and Kuwait. The Strait of Hormuz, which carries about one-fifth of the world's oil shipments, once again became the focus of global capital markets.