U.S. military forces have launched strikes against Iranian targets, marking a sharp escalation in a conflict that has been simmering for weeks.
The attacks come as diplomatic channels have effectively collapsed, with Tehran accusing Washington of violating a fragile ceasefire agreement over the past 48 hours.
The U.S. has characterized the recent operations as defensive measures, but the move signals a significant hardening of American policy in the region.
The immediate market reaction has been a flight to safety and a repricing of geopolitical risk.
Energy markets, which have been sensitive to any disruption in Persian Gulf shipping, are likely to see heightened volatility as traders assess the potential for broader regional conflict.
Shipping rates and insurance premiums for vessels transiting the Strait of Hormuz are expected to rise sharply, reflecting the increased danger to global supply chains.