The exchange of fire risks plunging the U.S. and Iran into a new cycle of retaliation.

The reported attacks threaten to unravel a memorandum of understanding signed less than three weeks ago.

Iran's Revolutionary Guards fired at least two missiles at commercial ships transiting through the Strait of Hormuz on Monday night, Axios reported, citing two

Iran's missile attacks on ships in the Strait of Hormuz challenge US-Iran peace talks amid rising oil prices.

US Central Command said the strikes were carried out “to impose heavy costs” for attacks on commercial shipping.