US Attacks Iranian Rocket Launchers in the Strait of Hormuz

US forces have carried out an attack on Iranian rocket launchers on Larak Island in the Strait of Hormuz, marking the first strike from the US in a month. The launchers were preparing to fire rockets loaded with sea mines into the strait when they were targeted by US forces.

The US Central Command confirmed that two Iranian rocket launchers were struck on Sunday, after observing military personnel deploying rockets into the area. Last week, the Trump administration announced that any new vessels attempting to place mines in the strait would be 'immediately and systematically destroyed'.

Iran's Islamic Revolutionary Guard Corps (IRGC) has vowed severe repercussions for the US attack, but the market reaction is relatively muted with oil prices up 1.4% and treasury yields increasing at the short to middle part of the curve.