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Global oil prices surged past $105 per barrel after US President Donald Trump rejected Iran’s peace proposal, labeling it unacceptable. The diplomatic breakdown has intensified fears of prolonged conflict and supply disruptions, particularly with the Strait of Hormuz largely closed. Saudi Aramco reported significant weekly oil losses due to the blockade. While equity markets remained mixed, energy volatility heightened concerns over global economic stability. The situation underscores the fragility of Middle East security, with analysts warning of further price hikes if the ceasefire completely collapses and shipping routes remain obstructed.
On June 26, 2026, the United States conducted airstrikes on Iranian missile, drone, and radar sites in response to an Iranian drone attack on the Singapore-flagged cargo ship M/V Ever Lovely in the Strait of Hormuz on June 25. The attack violated a fragile 60-day ceasefire signed between the U.S. and Iran. No casualties were reported from the ship attack, but the incident halted UN evacuation efforts for hundreds of vessels and heightened tensions in the strategic waterway.
The United States launched multiple airstrikes against Iranian military sites, including missile, drone, and radar installations, in retaliation for Iranian attacks on commercial vessels in the Strait of Hormuz. The strikes, conducted by U.S. Central Command, occurred after Iran targeted Singapore-flagged and Panama-flagged cargo ships, violating a fragile ceasefire. The escalation involved two waves of strikes, hitting targets near Sirik, Qeshm Island, and Bandar Abbas. The U.S. also revoked Iran’s oil export license, while Saudi Arabia and Qatar condemned Iran’s attacks on their tankers.