Iranians finally found their balls, US bases and probably oil infrastructure in the Persian Gulf is being targeted. Ballistic missiles hits in Bahrain, Qatar, UAE and Kuwait so far. They are attempting to create a regional conflict +choke oil production thereby creating a global calamity of such order that the US will make the call to back off- somewhat akin to the 1973 oil crisis. It's the only ace they have left and it's a gigantic gamble. They are with their backs against the wall hence going all out.
If the news about attacks on hydrocarbon infrastructures is true it's likely the Strait of Hormuz will get closed off in return.
EDIT: Saudi Arabia and Jordan were targeted too