Overview

• US strikes targeted Iran’s uranium enrichment facilities at Fordow, Natanz and Esfahan and were described by Defense Secretary Pete Hegseth as devastating the country’s nuclear program.
• Iran’s parliament approved a measure to close the Strait of Hormuz, threatening a choke point that handles nearly 20% of global oil shipments if activated.
• Brent crude futures spiked nearly 18% this week, briefly touching $79 per barrel as shipping insurers doubled rates and vessels rerouted around the Persian Gulf.
• India has accelerated efforts to source crude oil from Russia, the United States and Brazil to reduce reliance on Hormuz transit in anticipation of a blockade.
• China has offered to mediate the conflict while US forces and regional allies have elevated alert levels ahead of potential Iranian retaliation.