On July 8, President Trump announced the annulment of the MoU with Iran in response to the IRGC strikes on three vessels in the Strait of Hormuz. The announcement was followed by a massive U.S. bombardment of Iranian strategic assets, and retaliatory Iranian strikes on U.S. assets in Kuwait, Bahrain, and Jordan. The resumption of hostilities once again threatens to embroil the region in conflict and endanger global energy security as the IRGC announced the closure of the Strait of Hormuz.