PiCK
US Launches Airstrikes on Iran After Attacks on 3 Merchant Ships in Strait of Hormuz
Summary
- The US military said it has launched major airstrikes against Iran after Tehran attacked civilian merchant ships in the Strait of Hormuz.
- The Strait of Hormuz is a key route for global shipments of crude oil and liquefied natural gas (LNG).
- Markets are watching the potential for greater volatility in global oil prices and risk assets if the US strikes escalate tensions in the Middle East.
Forecast Trend Report by Period
The US military said it has launched a large-scale air campaign against Iran after Tehran attacked civilian merchant ships in the Strait of Hormuz.
US Central Command said in a post on X on July 7 that it had "initiated a series of powerful airstrikes" to impose a heavy cost on Iran for attacking merchant vessels carrying innocent civilians on an international shipping route.
The strikes were a response to Iran's attack on three merchant ships transiting the Strait of Hormuz, according to Central Command. The US military described the assault as "a dangerous act without justification" and "a clear violation of the ceasefire agreement."
Tensions in the Middle East had already risen after three commercial vessels came under attack in the Strait of Hormuz. The waterway is a critical route for global crude oil and liquefied natural gas, or LNG, shipments, and international energy markets are highly sensitive to geopolitical risks there.
Markets are watching whether the US strikes will further escalate tensions in the Middle East and increase volatility in global oil prices and risk assets.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.