The United States and Iran have exchanged strikes, including heavy fire. U.S. Central Command reported defeating multiple Iranian ballistic missiles following attempted attacks by Iran, while Iranian drones struck Kuwait’s main international airport.
These attacks threaten the prospects of a peace deal and complicate negotiations to reopen the Strait of Hormuz. The Strait is a critical oil waterway through which one-fifth of global crude normally passes.
Oil prices have experienced volatility, climbing after the exchange of heavy fire before slipping after three days of gains. The oil market's main focus remains centered on the status of the Strait of Hormuz.