US and Iran exchange major military strikes as tensions spike

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According to multiple major outlets, the most critical breaking story today is the sharp escalation between the United States and Iran, marked by the most substantial exchange of fire in weeks.[4][7][8][9][11][13][14] U.S. forces have carried out what officials describe as large and powerful strikes on targets linked to Iran’s Revolutionary Guard, including rocket launchers near the Strait of Hormuz, after earlier Iranian missile and drone attacks on U.S. interests and partners in the region.[4][7][8][9][13][14] Iranian authorities say one recent American strike hit a residence where a wedding was taking place, killing five people and injuring dozens, and have warned of further retaliation.[4][8] U.S. leaders, including former President Donald Trump, are publicly threatening even harsher military action if Iran continues to respond, raising fears of a wider conflict that could endanger regional shipping lanes, disrupt global oil supplies, and draw in additional actors.[4][7][8][9][13][14] This confrontation is unfolding alongside a fragile interim understanding announced in June aimed at halting hostilities, which Tehran accuses Washington of undermining, and comes as global markets already face pressure from a deepening bond selloff and energy-driven inflation.[4][7]

Sources: Reuters, Associated Press, CNN, NBC News, CBS News, BBC News, Al Jazeera, ABC News