Overview

• Israel’s air campaign expanded deeper into Iran on the conflict’s fifth day, hitting state media outlets and uranium enrichment sites after Iran launched missiles into Israeli territory.
• President Trump abruptly departed the G7 summit and urged residents to evacuate parts of Tehran, stoking fears of possible U.S. military involvement.
• Brent crude oil surged above $75 per barrel as investors weighed the risk of Middle East supply bottlenecks, reversing earlier price declines.
• Global stock futures fell about 0.5% while gold and U.S. Treasuries gained on heightened geopolitical uncertainty ahead of the Federal Reserve’s meeting.
• The Federal Reserve is widely expected to hold its policy rate steady on Wednesday following data showing U.S. retail sales declined in May, and the Bank of Japan maintained its rate at 0.5%.