U.S. strikes Iran after attacks on vessels in Strait of Hormuz

The U.S. military said it struck Iranian military targets in the area of the Strait of Hormuz on Tuesday in retaliation for renewed Iranian attacks on commercial ships.

Why it matters: The exchange of fire risks plunging the U.S. and Iran into a new cycle of retaliation, threatening the fragile memorandum of understanding signed by President Trump less than three weeks ago.