Military Strike Tit-for-Tat Resumes After Weeks
Brent crude futures climbed back above $90 a barrel, while West Texas Intermediate topped $86 after the US and Iran exchanged strikes for the first time in about a month. Tehran also claimed that an unidentified supertanker was struck by naval mines in the Strait of Hormuz.
Meanwhile, diesel crack spreads are approaching $100 a barrel again, suggesting an increasingly severe shortage across refined-product markets as the summer draws to a close.
US Central Command said American forces struck Iranian rocket launchers that were preparing to deploy anti-ship mines in the critical waterway. The US has touted the Oman shipping corridor as open for business and moving crude and other energy products. Tehran's inability to halt tankers passing through that part of the strait may suggest that its offensive capabilities have been degraded.
Iran's Islamic Revolutionary Guard Corps said it retaliated by targeting US air bases in Jordan, while the United Arab Emirates intercepted an Iranian drone over its territorial waters.
Trump: 'Failed Nation'
Trump on Monday morning issued a Truth Social declaring Iran a "failed nation":
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