Quick overview

---

Brent crude oil rose 3.4 percent to trade near $77 per barrel after Iranian air defense systems, command and control networks, coastal radar sites, anti-ship missile capabilities, and over sixty small boats of the Islamic Revolutionary Guard Corps were all hit by American forces.

The strikes were “an immediate response” to Tehran’s most recent attacks on commercial ships passing through the strait, according to a statement released by the US Central Command on X on Tuesday. The most recent American attacks, according to the US military, were over

The US actions put additional strain on the June 17 interim agreement and jeopardized 60-day negotiations for a permanent peace. According to a US official who wished to remain anonymous, President Donald Trump authorized the strikes on Iran while he was in Turkey for a NATO summit.

The recovery could rekindle concerns about inflation in global markets and among policymakers, as futures had fallen in the second quarter as regional tensions subsided. In late April, two months after the US and Israel started their military campaign against Iran, Brent prices peaked above $126 per barrel.

This month, prices returned to their pre-conflict levels amid growing signs of a supply recovery.

Each side accused the other of breaking the cease-fire. The US blamed Iran for the three commercial ships that were attacked in the Strait of Hormuz over the past day, the most since the agreement went into effect.

 

.Kuwait’s army posted on X that the country’s air defenses reacted to threats from drones and hostile missiles. Iran’s state television reported that the IRGC had attacked the Fifth Fleet naval base in Salman Port, Bahrain, and the Ali Al-Salem Airbase in Kuwait.