The United States has launched a fresh wave of military strikes against targets in Iran, coinciding with the reinstatement of a naval blockade on Iranian ports.
The operation, described by officials as aimed at eliminating "emerging threats," marks a significant escalation in regional hostilities.
The move comes as the US administration pivots away from a previously proposed 20 percent toll on shipping through the Strait of Hormuz, a plan that had raised concerns among global traders about potential disruptions to energy flows.
The decision to scrap the toll in favor of direct military pressure and a blockade represents a shift in strategy.
While the toll had threatened to impose direct costs on global commerce, the blockade and strikes introduce heightened physical risks to shipping lanes.
Markets are likely to assess the immediate impact on tanker routes and insurance premiums, with Brent crude prices sensitive to any signs of transit disruption in the chokepoint.