The US-Iran conflict has flared again after attacks on three ships transiting the Strait of Hormuz, including Qatari and Saudi Arabian tankers, prompted the United States to launch what it called “powerful strikes” against Iran.

Iran hit by renewed strikes near Bushehr, Bandar Abbas. US denies involvement as Israel threatens more action. Khamenei buried, talks continue.

Israel recently shared new intelligence with the U.S. that they said showed Iran was considering a new plan to assassinate the president, sources say.

Following week-long funeral ceremonies, former Iranian supreme leader Ali Khamenei was buried in his home city of Mashhad, state television reported, following a ceremony at which his son and successor was not seen.

Global markets and oil prices have lurched again after the United States and Iran traded new strikes and U.S. President Donald Trump mused that fragile negotiations between the countries might be “over.

American officials said they were trying to safeguard maritime traffic in the Strait of Hormuz. Iran said it had responded by firing at U.S. bases in Qatar, Bahrain and Kuwait.

Whenever the Iran war comes to an end, the Islamic Republic is likely to emerge in a stronger position. Should the terms of a June memorandum of understanding be met, Western governments would lift many sanctions on Tehran and the country would gradually be reintegrated into the global economy.

The US launched fresh strikes targeting Iran early on Thursday, and Tehran responded by targeting Washington's regional allies in an exchange of fire. Catch all the latest US-Iran war-related updates on LiveMint.