Tensions escalate in the Strait of Hormuz between the US and Iran

The ceasefire in the Strait of Hormuz is on the verge of collapse, as the US announced strikes against Iranian speedboats, while Iran allegedly attacked oil installations in the United Arab Emirates (UAE).

US President Donald Trump said US forces destroyed seven Iranian speedboats as part of "Project Freedom", which aims to escort commercial ships. Iran denies the attacks.

Iranian Foreign Minister Abbas Araghchi said there is no military solution to the crisis, warning the US and the UAE of a possible impasse.

Meanwhile, the UAE has denounced attacks on ships and energy infrastructure, resulting in the activation of air defense systems. Abu Dhabi described the attacks as a "dangerous escalation."

The price of Brent crude rose 5% to over $115 a barrel due to concerns about energy supplies.

The Strait of Hormuz has been largely closed since February, with approximately 20,000 sailors and 2,000 ships stranded in the area.