US strikes IRGC targets near Hormuz as new sanctions on Iran loom

Background

US and Israeli strikes on Iran began the war on 28 February 2026. On 2 March 2026, the IRGC announced the closure of the Strait of Hormuz. On 17 June 2026, the United States and Iran signed the Islamabad Memorandum of Understanding. The memorandum gave 60 days for a final deal. The United States restored a naval blockade on 14 July 2026. The 60 days ended on 17 August 2026 with no deal. In March 2026, India said 70 per cent of crude imports came from outside the strait. The Centre for Research on Energy and Clean Air estimated 22 billion dollars in extra fuel import costs for India.

How it developed

1. 28 February to 17 August 2026
   How it started

   The war began on 28 February 2026. A June memorandum did not hold.

   US and Israeli strikes on Iran began the war on 28 February 2026. On 2 March 2026, the IRGC announced the closure of the Strait of Hormuz. Ship traffic through the strait later fell by about 95 per cent. On 17 June 2026, the United States and Iran signed the Islamabad Memorandum of Understanding. Pakistan brokered the memorandum. The memorandum promised an end to fighting on all fronts. The memorandum gave 60 days for a final deal. Fighting resumed in July 2026. The United States restored the naval blockade on 14 July 2026. The 60-day window ended on 17 August 2026 with no deal. The conflict then turned into a standoff of sanctions and blockades.

   All India RadioAl JazeeraBusiness Standard
2. 28 August 2026
   Consequence

   Study puts India's extra fuel import cost at 22 billion dollars

   On 28 August 2026, Business Standard reported a study by the Centre for Research on Energy and Clean Air (CREA). CREA said India paid about 22 billion dollars extra for fossil-fuel imports between March and August 2026. The net extra cost across all fuels was 14.4 billion dollars, or 0.38 per cent of GDP. India paid 29 per cent more per tonne for imported LPG than expected. LPG import volumes were 26 per cent lower. India's extra cost was the third-highest after the European Union and China.

   Business StandardThe Tribune
3. 30 August 2026
   New fact

   US strikes Larak Island. Iran fires missiles at bases in Jordan.

   On 30 August 2026, US forces struck IRGC positions on Larak Island in the Strait of Hormuz. US Central Command called the strike 'limited, precise action against IRGC minelaying forces'. Hours later, the IRGC fired missiles and drones at the King Hussein and Al Azraq bases in Jordan. Jordan said air defences intercepted eight missiles. No injuries were reported at either base. On 31 August 2026, Trump told reporters the exchange was not a return to full-scale war.

   AFPAl JazeeraBusiness Standard
4. 1 September 2026, early hours IST
   New fact

   Two supertankers carrying Saudi oil hit while leaving the strait

   Late on 31 August 2026 (GMT), two supertankers leaving the Strait of Hormuz were struck by unknown projectiles. The Saudi-flagged Sidr was hit at 19:52 GMT, about 17 nautical miles from Khasab in Oman. The Liberian-flagged Senegal Prosperity was hit by three projectiles minutes later. Each ship carried 2 million barrels of Saudi crude loaded at Juaymah. All crew were reported safe. Brent crude rose above 92 dollars a barrel on 1 September 2026.

   ReutersBloombergBusiness Standard
5. 1 September 2026, before the strikes
   Official response

   Iran offers to honour the memorandum. US promises weekly bank sanctions.

   On 1 September 2026, Iranian President Masoud Pezeshkian spoke at the Shanghai Cooperation Organisation (SCO) summit in Bishkek. Pezeshkian said Iran would 'immediately reciprocate' if the United States returned to the memorandum. The same day, Foreign Ministry spokesman Esmaeil Baghaei said Washington had 'mistaken negotiations for dictating terms'. In Asheville in the United States, Treasury Secretary Scott Bessent said bank sanctions were likely this week and next. Bessent said the United States would also look at airline leasing companies and anyone doing business with the IRGC. Bessent said: 'We are going to economically asphyxiate this regime.'

   ReutersANIBusiness Standard
6. 1 September 2026, 9.30 pm IST
   New fact

   US strikes IRGC targets in southern Iran. Iran claims missile attack on Jordan base.

   At 9.30 pm Indian time on 1 September 2026, US forces began striking IRGC targets in Iran. US Central Command said the IRGC had tried to attack shipping in the Strait of Hormuz and US troops. Iran's Red Crescent said a strike killed four people and hurt over 50 at a wedding in Sirik county. Trump said Iran would be hit 'at a much harder and higher level' if Iran retaliated. The IRGC then claimed a ballistic missile attack on a US base in Jordan. Jordan said air defences intercepted 10 of 13 missiles.

   US Central CommandAFPAl Jazeera

Key terms