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Iran  crisisenemyescalationglobeimmediatelynaturalneighboursoperationskywaterway retaliated by launching missiles and drones on its  crisisenemyescalationglobeimmediatelynaturalneighboursoperationskywaterway, including the UAE, Bahrain, Kuwait, and Qatar. Iran's Islamic Revolutionary Guard Corps claimed it had struck Israeli and US military targets in the Middle East. It warned: "This  crisisenemyescalationglobeimmediatelynaturalneighboursoperationskywaterway will continue relentlessly until the  crisisenemyescalationglobeimmediatelynaturalneighboursoperationskywaterway is decisively defeated." There are fears this  crisisenemyescalationglobeimmediatelynaturalneighboursoperationskywaterway will create turmoil across the  crisisenemyescalationglobeimmediatelynaturalneighboursoperationskywaterway. A quarter of the world's oil and a third of its liquefied  crisisenemyescalationglobeimmediatelynaturalneighboursoperationskywaterway gas travel through the strategic Strait of Hormuz  crisisenemyescalationglobeimmediatelynaturalneighboursoperationskywaterway, which Iran could close. This would cause  crisisenemyescalationglobeimmediatelynaturalneighboursoperationskywaterway-high oil prices and inflation worldwide. Experts warn there could be a major refugee  crisisenemyescalationglobeimmediatelynaturalneighboursoperationskywaterway if the conflict spirals out of control.