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US-Iran conflict intensifies: Key developments, oil price surge and impact on India

Here are the latest developments in the West Asia escalation in 5 key points

iran chabahar portPlumes of smoke and fire rise after debris from an intercepted Iranian drone struck an oil facility, according to authorities, in Fujairah. (AP Photo/ Representational)
5 min readJul 15, 2026 01:28 PM IST First published on: Jul 15, 2026 at 10:07 AM IST

The US has said it has concluded its latest round of strikes on Iran, which lasted for seven hours. The strikes targeted missile and drone sites as the US resumed the naval blockade on Iran, responding to attacks on ships transiting the Strait of Hormuz.

The US Central Command (CENTCOM) said, “US fighter aircraft, drones, and naval vessels launched precision munitions against Iranian missile and drone sites, naval capabilities, and coastal defense systems” during the operation.

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In retaliation, Tehran targeted the US infrastructure in the Middle East.

Which targets were hit?

The fresh round of US air strikes on Tuesday night targeted several locations along Iran’s southern coast.

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