2 stories on Geopolitics, newest first.
The U.S. cancelled a 60-day waiver that had allowed Iran to export oil despite sanctions. Iran's oil minister said the country will continue exporting without interruption. The move signals renewed tensions as the U.S. reinforces its naval blockade and Iran asserts control over the strategic Strait of Hormuz.
A fragile ceasefire between the US and Iran has broken down, and markets have swung risk-off. Washington launched retaliatory strikes on Iranian military sites after Iran attacked three commercial vessels in the Strait of Hormuz, and it revoked a waiver that had let Iran sell oil; Iran's Revolutionary Guards said they hit US military facilities in the region in response. Crude jumped more than 2%, US stock futures fell around 1%, Europe slipped and Asian markets sold off, with South Korea's Kospi tumbling into a bear market. The moves read as a supply and inflation shock centered on the world's most important oil chokepoint.
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