Iran has escalated attacks on oil tankers in the Strait of Hormuz to wartime highs, with 11 strikes in one week and 5 more reported subsequently, injuring sailors and disrupting crude exports from the Middle East. The Iranian Revolutionary Guard warned it will block illicit routes through Hormuz and pursue vessels throughout the Persian Gulf, while U.S. military escorts have helped maintain some oil flow despite extreme maritime risk.
The U.S. plans to seize approximately $1 billion in cryptocurrency assets linked to Iran as part of Operation Economic Fury, an initiative targeting Iran's financial networks and overseas assets. Concurrent indirect talks between the U.S. and Iran through Qatar and Pakistan have not yet produced a formal agreement to resolve their seven-month conflict.
Oil prices surged 3.8% to $104 a barrel amid escalating Middle East tensions, potential US strikes against Iran, and hurricane disruptions to Gulf of Mexico production. The spike triggered broad sell-offs in global bond and stock markets, with yields rising across US, European, and Japanese markets as inflation concerns mount.