The fragile truce between the United States and Iran has effectively collapsed following a fresh round of military strikes. U.S. Central Command confirmed late Wednesday that it had completed new attacks on Iranian targets, signaling a sharp escalation in hostilities.
With neither side showing willingness to return to negotiations, the diplomatic off-ramp that had briefly calmed markets appears closed.
The immediate consequence is a renewed threat to commercial shipping through the Strait of Hormuz.
The corridor, which handles a significant share of global oil flows, had seen a tentative stabilization in transit security following earlier de-escalation efforts.
The latest strikes reintroduce acute risk for tanker operators and freight insurers, who must now reassess the probability of direct interference or collateral damage in the narrow waterway.
Market participants are likely to view this development as a negative supply-side shock.