US and Iran Exchange Strikes, Escalating Tensions and Impacting Global Oil Markets

The United States and Iran have engaged in a second consecutive day of military exchanges, intensifying their conflict. Following US strikes, Iran declared the previous ceasefire void and claimed retaliatory attacks on US bases in neighboring countries. Furthermore, Iran announced the closure of the Strait of Hormuz, a crucial waterway for global oil and gas shipments, leading to a surge in oil prices and a decline in global stock markets.