US‑Iran escalation drives oil prices and global market turbulence

The United States launched a fresh wave of air and missile strikes against Iranian targets after Iran attacked U.S. bases in the Gulf, prompting Tehran to declare the Strait of Hormuz closed to commercial traffic. Iran and the United States traded accusations over the navigation route, with U.S. officials insisting the strait remains open. The confrontation lifted Brent crude to near $80 a barrel and West Texas Intermediate to about $74 a barrel, while the price of natural gas in Europe also rose. Asian equity markets fell, with South Korea’s Kospi dropping nearly 9 % and other regional indices mixed. Shipping traffic through the narrow waterway fell to its lowest level in weeks, with only a handful of tankers transiting. In Brazil, the federal government announced it may postpone the removal of a R$ 0.44‑per‑litre gasoline subsidy while it monitors the impact of higher oil prices on consumers. Czech fuel prices rose sharply as the conflict threatened regional supply. The overall picture is a widening geopolitical dispute that is reverberating through global energy markets, trade routes and national economic policies.