Iran strikes 85 U.S. military sites in the Gulf, sparking a global selloff in stocks and a spike in the price of oil

Military hostilities between the United States and Iran have surged following fresh attacks on commercial vessels in the Strait of Hormuz. In response, the U.S. conducted strikes on southern Iran, resulting in the deaths of eight Iranian army members. The U.S. has also rescinded a previously established concession to Iran.

Coverage from outlets including Reuters, The Detroit News, Yahoo Finance, NPR, Fox News, and Iran International highlights the economic fallout of these developments. Reports emphasize a 7% jump in oil prices and a widespread selloff across global stock markets. Analysts note that the current instability has placed significant pressure on the existing U.S.-Iran truce.

Future developments will depend on the status of the buckling truce and whether further military actions are initiated. Current coverage does not specify the trajectory of diplomatic negotiations or the long-term impact on the global economy beyond the immediate market volatility.