US Strikes Iran Amid Ongoing Tensions and Volatile Oil Markets

Oil prices steadied after a significant daily jump of almost 8% in the previous session, as the US launched fresh strikes against targets in Iran. Brent traded near $90 a barrel, while West Texas Intermediate was below $84.

The American forces' move came as a 'powerful response' to attempted Iranian attacks on US troops, with Central Command stating that the action is ongoing. US President Donald Trump told Fox News that the Islamic Republic would be hit hard after an attack on personnel in Jordan.

Energy markets have been volatile in July, with investors navigating a pause in hostilities between Iran and the US followed by renewed fighting. Houthi rebels in Yemen threatened a blockade of Saudi Arabia, while Riyadh's forces joined with the US to hit targets in Iraq linked to Tehran-backed militants.