Overview

• A tentative ceasefire brokered by the US on June 23 between Israel and Iran has largely held despite mutual accusations of early violations.
• Iran’s first direct retaliation came with a limited missile strike on the US Al Udeid Air Base in Qatar following US attacks on its nuclear facilities.
• War-risk insurance premiums for shipments to the Middle East have doubled to around 0.5%, adding tens of thousands of dollars in daily costs.
• Continuous GPS jamming in the Strait of Hormuz has cut vessel traffic by about 20% and led operators to restrict transits to daylight hours.
• Oil prices briefly jumped to five-month highs on fears of a Hormuz closure before retreating to about $75 a barrel as markets weigh ongoing risks.