IRGC-linked Strait of Hormuz escalation rattles markets after reported U.S.-Iran strikes

Escalating tensions between the United States and Iran continued to reverberate across global markets as investors weighed the risk that hostilities could disrupt oil flows through the Strait of Hormuz, lift inflation and delay central bank rate cuts. The broader confrontation had already centered on disputed Iranian claims that the Strait of Hormuz was closed until further notice after reported U.S. strikes on Iranian targets, a claim U.S. officials disputed, leaving the status of the key oil and gas chokepoint unclear. Earlier attacks reported on U.S. military bases in Kuwait, Bahrain and Jordan had already deepened concerns about regional security and energy disruption, while crypto markets were described as shedding $80 billion amid the volatility.