Overview

• President Trump ordered airstrikes on Iran’s Fordow, Natanz and Isfahan nuclear sites on June 22, marking the first direct U.S. military action in the Iran–Israel conflict.
• Brent crude spiked above $81 per barrel before stabilizing, with traders adding geopolitical risk premiums reflected in steeper backwardation and rising freight rates.
• Iran’s parliament approved a nonbinding measure to close the Strait of Hormuz, but final authority rests with the Supreme National Security Council under Ayatollah Khamenei.
• Secretary of State Marco Rubio warned that blocking the strait would be “economic suicide” for Iran and called on China to pressure Tehran to keep the waterway open.
• Analysts caution that any actual disruption of Hormuz shipments could push oil toward $100 per barrel and extend volatility across global markets.