Key facts
- Iran halted ceasefire negotiations and message exchanges with the U.S.
- U.S. Central Command intercepted Iranian ballistic missiles targeting U.S. troops in Kuwait.
- The U.S. struck Iranian radar and drone sites after Iran downed an American drone.
- Iran reportedly plans to close the Strait of Hormuz.
- Iran accused the U.S. of ceasefire violations.
Reports of a potential US-Iran agreement to extend a ceasefire and ease shipping restrictions through the Strait of Hormuz had previously influenced market sentiment. This development occurs against a backdrop of persistent US inflation and expectations of continued Federal Reserve interest rate stability. The oil market had surged amid these tensions.