Daily brief
Oil prices are surging and experiencing extreme volatility after the war in Iran effectively blocked the Strait of Hormuz, a critical global shipping lane. In response, the International Energy Agency has coordinated a record release of 400 million barrels from member nations' strategic reserves, but this has so far failed to curb rising prices. The market turmoil has caused gasoline prices to jump in the US and France and led to significant losses for some investment funds.
The Pentagon has informed Congress that the first week of military operations against Iran cost the U.S. more than $11 billion and is now seeking an additional $50 billion in funding (ongoing coverage).
A pro-Iran hacktivist group called Handala has claimed responsibility for a cyberattack on US medical device manufacturer Stryker, reportedly affecting thousands of workers at its plants in Ireland.
A Japanese container ship operated by Mitsui was damaged while at anchor in the Persian Gulf amid the heightened regional tensions.
Iran has warned that a prolonged war involving the United States and Israel would have catastrophic consequences and could 'destroy' the global economy.