US-Iran Conflict Escalates, Oil Prices Soar
The US and Iran have engaged in a series of military strikes, causing oil prices to surge. The escalation began when the US launched an attack on Iran's Larak Island, where personnel were preparing rockets with sea mines aimed at the Strait of Hormuz.
Iran retaliated by firing ballistic and anti-ship missiles from multiple provinces, targeting two US bases in Jordan, King Hussein and Al Azraq. According to a US source, most incoming missiles were intercepted, but an Iranian Revolutionary Guard spokesperson claimed they had destroyed aircraft maintenance infrastructure and support facilities at both bases.
Treasury Secretary Scott Bessent announced that new secondary sanctions on Iran are likely, focusing initially on banks, with the possibility of cutting institutions off entirely from the dollar system. Bessent also described the yen's recent moves as well-contained and expressed trust in BOJ Governor Kazuo Ueda to handle policy.