Overview

• Israel carried out airstrikes on Iranian nuclear and military sites, prompting Ayatollah Ali Khamenei to vow a bitter response and heightening fears of broader conflict.
• Brent crude jumped above $73 a barrel after surging more than 5%, driven by concerns over disruptions to shipments through the Strait of Hormuz.
• Global equities fell roughly 1% in Europe and Asia as investors shifted into gold, which climbed past $3,400 an ounce.
• The US and China agreed on a preliminary framework to resume rare-earth exports to the US, subject to final approval by Presidents Trump and Xi.
• US consumer prices held at a 2.4% annual pace in May, reinforcing expectations for Federal Reserve rate cuts despite rising geopolitical risks.