US-Iran Tensions Flare in Persian Gulf, Rattling Global Markets

Key Intelligence

• ■US and Iranian forces exchanged fire in the Persian Gulf, challenging a four-week-old truce and raising fears of renewed conflict.
• ■Oil prices held gains, while gold, copper, and emerging assets dropped as the Middle East flare-up weighed on sentiment.
• ■Shipping concerns escalated in the Strait of Hormuz, with vessels clustering further from the strait as Iran reportedly widens its control, and a South Korean ship was damaged.
• ■An Iranian oil tanker reportedly beat a US blockade, underscoring Iran's efforts to circumvent sanctions.
• ■Despite the clashes, a fragile ceasefire between the US and Iran has reportedly held, while President Trump downplayed strains with China on the issue.