Overview

• President Trump ordered U.S. jets to hit Iran’s Fordow, Natanz and Isfahan nuclear facilities on June 22, marking Washington’s first direct military action in the Israel–Iran conflict.
• Brent crude briefly surpassed $80 per barrel and West Texas Intermediate rose similarly as traders priced in heightened risk and freight rates climbed.
• Iran’s parliament approved a nonbinding measure to close the Strait of Hormuz, though the final decision rests with the Supreme National Security Council and Ayatollah Khamenei.
• Secretary of State Marco Rubio warned that shutting the waterway would be economic suicide for Iran and urged China to press Tehran to keep Hormuz open.
• Shipping firms have increased insurance premiums and analysts warn that any disruption to the chokepoint, which handles about 20 percent of global oil trade, could drive prices toward triple digits.