The US-Iran conflict escalated sharply during this period, directly triggering severe turbulence in global crude oil markets. The US destroyed Iranian tankers in the Strait of Hormuz, and Iran retaliated with missile attacks while threatening to blockade the critical waterway. As a result, Brent crude surged past $100 per barrel, intensifying market fears of supply disruptions.
- Brent crude oil prices surged past $100 per barrel, driven by mounting fears of supply disruptions in the Gulf.
- The US destroyed five Iranian tankers in the Strait of Hormuz, and Iran retaliated with missile attacks on Jordan and regional ships.
- Iran threatened to establish a maritime exclusion zone in the Persian Gulf and attacked Saudi Arabia's Jizan refinery.
- UBS warned that a diplomatic off-ramp remains elusive, sustaining market instability.