Iran's Hormuz Strike Tests Red Lines on Global Oil Routes

The US struck Iranian military targets in late June 2026 after Iran attacked a cargo ship in the Strait of Hormuz. With one-fifth of globally traded oil—17 to 21 million barrels daily—passing through this chokepoint, the exchange suggests Tehran may be willing to escalate beyond previous brinkmanship. Energy markets are repricing risk instantly, signaling traders expect greater volatility ahead.