The sixth day of a US air campaign against Iran has intensified, with reports confirming strikes on US military bases in the Gulf region.
This escalation marks a significant deepening of the conflict, moving beyond initial skirmishes to direct engagement with strategic infrastructure.
The development raises immediate concerns about the safety of maritime transit in the Persian Gulf, a chokepoint through which a substantial portion of global oil supplies flow.
Markets are reacting to the heightened geopolitical risk, with Brent crude prices under pressure as traders assess the potential for supply disruptions.
Tanker equities and shipping indices are also seeing volatility, reflecting fears that insurance premiums will rise and routes may need to be rerouted.
The direct hit on Gulf bases suggests that the conflict is no longer contained, increasing the likelihood of collateral damage to nearby commercial shipping lanes.