The United States has initiated a new round of military strikes against Iran, marking a sharp escalation in regional hostilities just hours after President Donald Trump announced plans to charge fees for using the Strait of Hormuz.
The strikes, confirmed by AP, represent the third such operation in seven days and follow accusations from Washington that Tehran violated an existing ceasefire agreement.
Brent crude surged 9% in the session, reflecting immediate concerns over supply disruption and elevated insurance costs for tankers navigating the corridor.
The announcement of a potential toll on the strait, which handles roughly a fifth of the world's oil supply, introduces a novel layer of economic coercion to the ongoing conflict.
Markets reacted swiftly to the dual threat of kinetic military action and potential transit monetization.
Brent crude surged 9% in the session, reflecting immediate concerns over supply disruption and elevated insurance costs for tankers navigating the corridor.
Wall Street equities sold off broadly as investors repriced the risk of prolonged shipping disruptions and higher energy input costs across the global economy.