WS #12023
The US-Iran conflict continues to escalate sharply, with the US launching a third consecutive night of strikes on Iran and Trump announcing a 20% fee on all cargo transiting the Strait of Hormuz. Iran retaliated by striking two UAE-flagged tankers, killing one Indian crew member and injuring eight, and claims to have downed a US MQ-1 drone. Oil prices surged: Brent crude rose 9.5% to $83.30 and is approaching $85, while WTI climbed 4.4% to $73.52. The Nasdaq fell 1.55% as tech sold off on oil spike and rate-hike fears. The dominant theme is ESCALATING US-Iran conflict with no counter-signals. Separately, Singapore Q2 GDP grew 5.7% y/y, slightly above expectations but slowing from 6.3% in Q1, as Middle East tensions tempered AI export gains. Oil supply fears are driving energy stocks higher and pressuring airlines and consumer sectors. The Strait of Hormuz blockade and toll proposal are generating significant geopolitical risk premiums across markets.
Topics
Key developments
- US launches third consecutive night of strikes on Iran; Trump announces 20% fee on Strait of Hormuz cargo
- Iran strikes two UAE-flagged tankers in Strait of Hormuz, killing one Indian crew member
- Brent crude surges 9.5% to $83.30, WTI up 4.4% to $73.52 on Hormuz blockade fears
- Nasdaq falls 1.55% as tech sell-off deepens on oil spike and rate-hike fears
- Singapore Q2 GDP grows 5.7% y/y, slowing from 6.3% in Q1, as Middle East tensions weigh