The United States launched its ninth consecutive night of airstrikes against Iran on Monday, intensifying a military campaign that has persisted for over a week.
US Secretary of State Marco Rubio stated that the US will continue to target Iran as long as it attacks global commercial shipping, framing the strikes as a direct response to threats against international trade routes.
The Strait of Hormuz remains the central flashpoint.
Iran’s Islamic Revolutionary Guard Corps (IRGC) declared that the strait would remain unsafe for transit as long as what it termed American aggression continues.
This explicit linkage between military hostilities and maritime security raises the probability of further disruptions to oil and gas flows, which account for a significant share of global energy trade.
Markets are pricing in heightened geopolitical risk.