Iran Hits Two US Bases in Jordan as Hormuz Tankers Burn

The strikes this column has tracked since Larak reopened the war Washington called finished have now put American forces themselves in the line of fire. Overnight, Iran's Islamic Revolutionary Guard Corps said it launched an attack on two US military bases in Jordan, the first time in this cycle that Tehran has hit American forces directly rather than shipping or third-country targets. Monday, this column asked what Washington's second wave of strikes would draw. This is the answer. The sequence by morning: US aircraft returned to Larak Island, a new missile reportedly leaving what one photo-verified report called a wide path of destruction in an Iranian city, then Tehran replied by hitting Jordan and, separately, the UAE, which intercepted an Iranian drone before it landed. Trump has vowed to hit back hard again. Two tankers were struck by projectiles in the Strait of Hormuz late Monday, per the maritime security consultant Marisks, a chokepoint through which a fifth of global oil supply moves and where insurers are now the ones deciding what still sails. Bond yields hit their highest level since 2008 overnight as oil's climb feeds rate hike bets central banks were already leaning toward. This is no longer an Iran story with shipping as collateral damage. It is a Gulf shipping story with Iran as the delivery mechanism, and the tanker count will keep rising faster than the ceasefire talk. HK trading desks are marking up Hormuz war risk insurance premiums on the back of the FT's oil refiner summons lede. Those premiums do not reflect IRGC on US base contact resetting the escalation ladder every desk built its model on last week.