US, Iran step up attacks as ceasefire frays and peace talks stall

A ship remains anchored on May 16, 2026 in the Strait of Hormuz, near Larak Island, Iran. Negotiations between the United States and Iran over opening the critical waterway have largely stalled, with the countries rejecting each other’s proposals to end the war that began when the United States and Israel attacked Iran on February 28.

Majid Saeedi | Getty Images News | Getty Images

U.S. Central Command said Tuesday it had defeated several Iranian ballistic missiles and drones and launched defensive strikes in response to Iran’s “attempted attacks,” the latest in a cycle of attacks that further threatens a fragile ceasefire.

Iran launched several ballistic missiles towards its regional neighbors, but none hit their targets, according to a CENTCOM statement. Two Iranian missiles fired at Kuwait failed or broke up en route, and three missiles launched at Bahrain were immediately intercepted by U.S. and Bahraini air defense forces, the statement said.

The United States also shot down three one-way attack drones launched by Iran against civilian sailors transiting regional waters, the statement said. US forces also carried out self-defense strikes against an Iranian military ground control station on Qeshm Island.

Three months later, the regional conflict has descended into a stalemate as the United States and Iran have repeatedly failed to turn a fragile ceasefire into a lasting peace deal.

Iran is reportedly reviewing a deal proposed by the Trump administration to suspend the war but has not communicated with Washington for several days, Iranian media reported on Tuesday, while US President Donald Trump said negotiations were ongoing.

Tensions on the ground have intensified in recent weeks. Iran’s Revolutionary Guard Corps attacked the headquarters of the U.S. Fifth Fleet as well as an airbase and helicopters in the region using missiles and drones, in response to what the IRGC described as a U.S. attack on a communications tower south of Qeshm island, Reuters reported on Wednesday, citing Iranian media.

The IRGC navy also targeted a ship it identified as Panaya with missiles in response to what it said was a U.S. attack on an Iranian oil tanker near the Strait of Hormuz with a projectile that damaged the engine room, according to Reuters.

Governments across the Gulf region reported drone attacks on Wednesday, with Kuwait’s air defenses facing “hostile missile and drone attacks”, while the country urged its citizens to adhere to current security and safety instructions.

Bahrain’s Interior Ministry also sounded warning sirens calling on residents to seek refuge.

Asian markets traded higher on Wednesday, tracking gains on Wall Street, with major averages posting new closing records overnight. Japan’s Nikkei 225 index hit a record high, a sign that investors have forgotten about geopolitical uncertainty.

“It is difficult to determine when [the conflict and negotiations] may finally come to an end,” Rick Gardner, chief investment officer at RGA Investments, said on CNBC’s Squawk Box Asia on Wednesday. He expects markets to oscillate between a negative conflict-related shock and resilient corporate earnings.

“You have a double-edged sword here,” Gardner said, adding that investors who pull out of markets due to geopolitical uncertainty risk being “on the wrong side of the market,” pointing to strong earnings and forecasts as reasons to stay.

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