Overview
- Brent climbed to roughly $83 and U.S. crude to about $76 after reports of tanker attacks and threats to close the Strait of Hormuz, with freight rates and war‑risk insurance surging.
- Qatar halted liquefied natural gas production in a precautionary move that tightened supply expectations and intensified upward pressure on energy prices.
- Equities fell across Asia, Europe and the United States as volatility rose, the dollar hit multi‑month highs, and bond yields advanced on delayed Federal Reserve rate‑cut expectations.
- Gold, which jumped on Monday, dropped about 3%–4% on Tuesday as a stronger dollar cooled haven demand, while energy and defense shares outperformed and airlines retreated.
- President Trump said the campaign could last four to five weeks or longer, officials issued conflicting statements on a Hormuz closure, and the White House indicated U.S. Navy tanker escorts if needed.