Iran’s IRGC fires missiles at US base in Jordan and attacks ships in Hormuz, raising oil price risks
Iran’s Revolutionary Guard launched ballistic missiles at a US‑used base in Jordan and targeted ten vessels near the Strait of Hormuz after the US destroyed five Iranian tankers, pushing Brent crude toward $100 a barrel.
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Positive · Buy bias
Oil & Gas sector likely to benefit from rising crude prices, so a Buy bias on related tickers.
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Desk call: Buy bias · Positively affected
- Oil & GasPositively affected
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Sectors: Oil & Gas — Positive · Buy bias. PSX tickers: OGDC, HBL. Oil & Gas sector likely to benefit from rising crude prices, so a Buy bias on related tickers.
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Open on Business Recorder## Iran escalates military actions
The Islamic Revolutionary Guard Corps (IRGC) announced that it fired ballistic missiles at a US‑operated air base near Al‑Azraq in Jordan on Wednesday. Jordan’s air defences intercepted 18 of the 20 missiles, with two landing in unpopulated areas and no casualties reported. The United States said the strike was ineffective and all its personnel remained safe.
## Retaliation for US tanker destructions
The IRGC also said it attacked ten ships, including two US vessels and eight oil tankers, attempting to cross a “prohibited and unsafe” zone of the Strait of Hormuz. This follows a US Central Command operation that destroyed five Iranian oil tankers on Tuesday, which the US described as a response to earlier IRGC missile attempts on a US Navy warship.
## Regional shipping and oil market impact
The attacks have heightened concerns over the security of the Strait of Hormuz, a key conduit for global oil supplies. Brent crude prices edged close to $100 a barrel as traders priced in the risk of further disruptions. Additional instability was noted from recent Houthi strikes on Saudi oil installations and an LNG tanker incident in the UAE port of Khor Fakkan, though responsibility for the latter remains unclear.
## Wider geopolitical backdrop
The incidents come amid a six‑month‑old conflict between the US and Iran, with both sides conducting reciprocal strikes on military, shipping and energy assets. The US is seeking to keep oil flowing through Hormuz while imposing a blockade on Iranian exports, whereas Iran aims to leverage the chokepoint to pressure the US and its allies.
## Implications for Pakistani investors
Higher global oil prices generally benefit Pakistan’s listed oil‑and‑gas companies, which stand to gain from stronger crude margins. However, prolonged volatility could also affect the broader economy and foreign‑exchange stability. Investors should monitor developments closely, especially any escalation that could further tighten oil supplies.