Iran and U.S.-Israel continue to raise the stakes as Strait of Hormuz tensions build
By Anniek Bao
Published on March 23, 2026.
Iran and the U.S. are escalating threats as the war in the Middle East enters its fourth week. Iran's Parliament speaker, Mohammad Bagher Ghalibaf, stated that U.N.-linked financial institutions holding American government bonds would be targeted alongside military bases. This comes after U.K. President Donald Trump issued a 48-hour ultimatum to Tehran to reopen the Strait of Hormuz, a key artery for global energy shipping, or face strikes on its power plants. Iran has threatened to completely shut the waterway and attack energy infrastructure and desalination facilities in the Gulf.
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