Iran launched missiles at US Navy destroyers, prompting retaliatory strikes on Iranian targets amid a fragile ceasefire.
The US and Iran exchanged military strikes in the Strait of Hormuz, marking the most severe breach of their month-long ceasefire. Iranian forces targeted three US Navy destroyers with missiles, drones, and small boats, according to US Central Command. The US responded with strikes on Bandar Abbas and Qeshm Island, escalating tensions in the region.
The attacks follow a period of relative calm after a ceasefire was established last month. Prior incidents had raised concerns over disruptions to global oil supplies, though markets had largely priced in stability. The latest flare-up tests the durability of the truce and could reignite risk aversion in energy and currency markets.
Goldman Sachs noted that near-term tariff impacts remain limited due to pending appeals, while the PBOC set the USD/CNY reference rate at 6.8502, weaker than the estimated 6.8138. Morgan Stanley revised its gold price target to $5,200, citing central bank demand and potential Fed rate cuts.