"IRGC Warns 'Oil And Gas For Everyone Or No One': Iran Threatens To Halt All Middle East Energy Exports Amid US Blockade".

Dubai:Tensions in the Middle East escalated sharply as Iran's Islamic Revolutionary Guard Corps (IRGC) warned it could halt all energy exports from the region in response to the US reimposing a naval blockade on Iranian ports.

IRGC'S WARNING:

In a strongly worded statement, the IRGC said:"The export of oil and gas from the region will be either for everyone or for no one".

It added that "not a single drop of oil or gas will be exported from the region" as long as "America's mischief in the region persists". The Guard also said the Strait of Hormuz would remain closed until US actions end. 

Iran has also asked Yemen’s Houthi movement to stand ready to close the Red Sea oil route if the US strikes Iranian power infrastructure. 

US MILITARY ACTION:

The US Central Command (CENTCOM) said it began a wave of strikes against Iran at 6 a.m. ET on Wednesday to "further degrade military capabilities" used to attack commercial shipping in the Strait of Hormuz.

US forces also struck bridges in Iran, and reimposed the naval blockade to stop "Iran's ships or customers from entering or leaving". 

At least 7 troops were killed and 260 wounded in Iranian strikes, officials said. 

REGIONAL IMPACT:

Kuwait: Iran struck a power generation and water desalination plant, causing widespread damage

Qatar: A child was injured by shrapnel after interception of Iranian attacks.

Bahrain: Defence forces said they intercepted several Iranian missile and drone attacks

Strait of Hormuz: Iran has effectively closed the waterway, through which about a fifth of global oil and gas shipments pass 

MARKET REACTION:

Global energy markets reacted immediately. Brent crude oil prices climbed 3% and hit a one-month high of $84.95 a barrel. Global share prices fell with Wall Street opening sharply lower. 

The UN Secretary-General Antonio Guterres expressed concern over "attacks on civilian infrastructure in Iran and across the region". 

Iran calls the conflict an "existential war" with America, while US President Donald Trump said Iran "wants to settle".