US launches fresh strikes on Iran, IRGC closes Hormuz to all vessels

Joshua Gibson FXStreet

"Ending soon" did not survive the day. Hours after telling Fox News the Iranians had asked him to stop the bombing, Trump was complaining Tehran took "too long to negotiate a deal," warning it would "pay the price," and insisting all Iran has to do is "start signing a paper." By evening, US Central Command confirmed strikes on multiple targets for a second straight day, citing "Iran's unwarranted and continued aggression," while Defense Secretary Pete Hegseth said "key facilities" were being hit and sidestepped a question on whether striking civilian infrastructure would amount to a war crime. Iranian media placed the impacts near Minab and Sirik, on the Strait of Hormuz's doorstep.

Tehran's answer landed on the Islamic Revolutionary Guard Corps (IRGC) Telegram channel: the Strait is "closed to all vessels, including oil tankers and commercial ships," effective immediately, and "any vessel attempting to transit the strait will be targeted." That is a published kill order on a waterway JPMorgan reckons is already running visible traffic at roughly 15% of pre-war levels. It collides head-on with Trump's claim of a month-old "secret mission" that has escorted more than 200 commercial ships through, and with his Energy Secretary's line a day earlier that flows were "rising very meaningfully." One side says the convoys run; the other has now promised to shoot at them.

The day's one genuine diplomatic fact makes it worse: a Qatari delegation flew into Tehran to "bridge the remaining gaps" and was still in the country when the new strikes landed. Whatever channel exists, Washington just bombed through it. President Masoud Pezeshkian called the threats against Iran's power, water and transport "a sign of weakness."

Key Trump and Iran highlights

Trump: US fighter jets flying over Iranian airspace
Trump: Spoke directly with Iranian officials
Trump: Iranians requested I cease bombing
Trump: Airstrikes will end soon
Trump: There might be additional Iran attacks
Trump: Israelis not involved in Iran strikes

Iran's Navy: No vessel should move from its anchorage in the Persian Gulf and the Sea of Oman. Approaching the Strait of Hormuz will be considered as cooperating with the enemy
Iran's Navy: Hormuz will be closed until further notice
Iran state media citing senior official: No contact between Iranian officials and Trump
Iran: Trump's claim about Iranian officials contacting him is pure falsehood.
Iran state media citing senior official: Trump’s ‘false claim’ of contact with Iranian officials is ‘cover to avoid war against Iran’

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

AUD/USD consolidates near 0.7000 as USD stays weak

AUD/USD holds steady above 0.7000 during Thursday’s Asian session, consolidating the previous day’s recovery gains from a near three-week low as the Democratic sweep in the US midterm elections and Iran diplomacy hopes continue to weigh on the US Dollar. Bulls, however, seem hesitant as focus shifts to Friday’s crucial US NFP report.

USD/JPY drifts lower to 158.25 on hawkish BoJ Minutes, weak USD

USD/JPY trades with a negative bias for the second straight day on Thursday as hawkish BoJ Minutes, showing members agreed to keep raising rates, and intervention risks support the Japanese Yen. Meanwhile, US midterm election results and hopes for Iran diplomacy keep the US Dollar depressed as focus shifts to Friday’s US NFP report.

Gold hits one-week top near $4,080 on sliding US bond yields and weak USD

Gold builds on the previous day’s blowout rally, climbing to $4,080 during the Asian session on Thursday as falling US bond yields keep the US Dollar depressed near a one-month low, touched in reaction to Democrats’ victories in the US midterm elections. However, December Fed hike bets might cap the non-yielding bullion ahead of Friday’s US NFP report.

Circle reserve income falls 8% as ARC presale lifts Q3 revenue

Circle (CRCL) reported increased revenue in its Q3 earnings update on Wednesday as the $182 million ARC token presale offset the decline in reserve income. The stablecoin issuer stated that total revenue and reserve income reached $865 million in Q3, up 17% from a year earlier. Net income from continuing operations increased 5% to $226 million, while adjusted EBITDA climbed 85% to $317 million.

US midterms 2026: Investor Q&A on the Democratic sweep

1. Gridlock replaces the stimulus narrative. A Democratic Congress would constrain Trump's ability to pursue additional fiscal expansion and legislative tax measures. But it cannot simply reverse the president's entire economic agenda. Executive powers, existing legislation and presidential vetoes remain important. 2. AI faces a higher hurdle, not an extinction event.

US Dollar breaks below 101.50 as Democrats sweep Congress

The US Dollar (USD) comes under heavy selling pressure on Wednesday, with the US Dollar Index (DXY) falling around 0.5% to trade near 101.35 after sliding below the 101.50 level. The Greenback retreats to its lowest level in four weeks as investors reassess the political and economic outlook following the Democratic Party's sweeping victory in the United States (US) midterm elections.