July 8, 2026
General Comment
Oil prices surged as renewed US-Iran hostilities shattered a fragile ceasefire. The United States conducted strikes on Iranian targets in retaliation for Iranian attacks on commercial tankers in the Strait of Hormuz, including a Qatari LNG carrier that crossed a key red line. President Trump declared the recent ceasefire “over” and warned of further action.Iran responded by launching missiles and drones at US-linked sites in Kuwait and Bahrain.

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