U.S.-Iran strikes send oil above $95 as G20 offers no solutions

  • U.S. forces struck IRGC targets and two Iranian government-owned tankers.
  • Brent crude rose 4.6% to $94.65 before topping $95 intraday.
  • G20 finance ministers highlighted China’s trade imbalances without proposing practical solutions.

U.S. strikes on Iranian targets and government-owned tankers during New York trading hours pushed Brent crude above $95 a barrel and lifted European 10-year government bond yields to their highest levels since 2008. U.S. Central Command said the attacks targeted Islamic Revolutionary Guard Corps (IRGC) positions and two Iranian government-owned tankers after attacks on ships and U.S. forces in the Strait of Hormuz. Iran responded with ballistic-missile strikes on a U.S. military base in Jordan, while reports said Russia had quietly supported Iran’s hypersonic cruise-missile development. The shock lifted the probability of a U.S. rate increase in September to 68%, and President Donald Trump summoned refining executives to the White House to press for lower prices. The G20 finance ministers’ meeting, chaired by the United States, focused on China’s trade imbalances but did not produce practical solutions for fiscal deficits or geopolitical instability. Separately, SK Group Chairman Chey Tae-won said the group is considering overseas memory-chip plants, including in Japan, as data-center chip shortages reach 20% to 30%. He also discussed potential cooperation between SK hynix and Kioxia in production, research and development, and supply chains. Equinix data centers are contending with AI-driven power consumption that has risen as much as 27-fold in five years, while a U.S. class action over Coupang’s data breach opened with a dispute over whether a New York court has jurisdiction.

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U.S.-Iran strikes send oil above $95 as G20 offers no solutions - CoinPost Terminal