Oil prices rose for a third consecutive day as Brent crude neared $97 a barrel. Hostilities flared after reports indicated Iran launched missiles toward Kuwait and Bahrain. The U.S. conducted retaliatory airstrikes, causing diplomatic negotiations to stall. This escalation heightened fears of supply disruptions through the Strait of Hormuz.
The White House also proposed new tariffs on 60 trading partners to block goods made with forced labor. The plan imposes a 10% tariff on imports from the European Union, U.K., Canada, and Mexico. Goods from China, India, and Japan face a 12.5% duty. These measures raise the prospect of fresh global trade disputes.