Overview

• Israel launched a new wave of airstrikes on Iranian military and nuclear sites, and Iran responded with drones and missiles targeting the region.
• Brent crude futures rose more than 7 percent while West Texas Intermediate spiked as much as 14 percent on volatility linked to the conflict.
• Officials warn that Iran could disrupt chokepoints such as the Strait of Hormuz, where about one-fifth of global oil supply transits daily.
• The International Energy Agency has signaled readiness to tap emergency reserves and OPEC+ nations are monitoring developments to stabilize supply.
• Market reactions include a global equities decline, a surge in gold prices, and concerns that higher fuel costs could feed into inflation.