U.S. Central Command conducted self-defense strikes against Iranian targets in the Strait of Hormuz. Iranian missiles and drones targeted three American destroyers during the engagement. The Strait of Hormuz serves as a transit point for nearly 20% of world energy supplies. Iran accused the U.S. of breaking a ceasefire by attacking a commercial oil tanker.
Brent crude futures rose more than 2% to $103.37 per barrel following the clashes. Oil prices had dropped 10% over the preceding three days due to optimism for a diplomatic deal. The renewed hostilities threaten to collapse peace talks that had previously improved global market sentiment.