Iran targets US allies in Gulf after latest strikes

Iran launched missiles and drones targeting U.S. military bases and allies in Kuwait, Bahrain, Jordan, and Iraq early Wednesday. This action serves as retaliation for a renewed wave of U.S. strikes conducted late Tuesday, ending a monthlong lull in the seven-month conflict. These escalating tensions between the U.S. and Iran have caused Gulf shares to slide, rattling regional markets and creating risks for global oil supply and economic growth due to prolonged instability in the Middle East.