Iran Missile Strike Shatters US-Iran Truce, Crude Oil Prices Soar

The fragile truce between Iran and the US has broken down just four days after it was established, resulting in a surprise ballistic missile attack on a U.S. military base in Jordan.

The Muwaffaq Salti Air Base was targeted by multiple missiles fired by Iran's Islamic Revolutionary Guard Corps (IRGC), but all incoming projectiles were intercepted by the U.S. Central Command with zero casualties or structural damage reported.

The attack, which marked the first direct strike since Trump paused military strikes, comes as South Korea's KOSPI rebounded 3.02% at the market open on July 29 due to stellar SK Hynix corporate results. However, this optimism was short-lived as Middle East tensions drove international crude oil prices sharply higher, with Brent crude jumping 6.7% to settle near $87.24 per barrel and eventually climbing as high as $90.50.

The breakdown of the truce is expected to lead to prolonged geopolitical friction, which may support safe-haven assets and energy commodities in the short term.