Daily brief
Oil markets are focused on the security of the Strait of Hormuz following US and Israeli military strikes on Iran, with analysts warning a disruption to shipping could spike prices to $110 a barrel. Global trade and import-dependent nations like India could be impacted, and investors are moving toward assets like gold and cryptocurrencies. OPEC+ is reportedly considering a larger increase in oil production in response to the market turmoil.
Airlines worldwide have canceled or suspended flights to and over the Middle East after Iran, Iraq, Kuwait, and the UAE closed or restricted airspace following the strikes. Dubai International Airport has shut down, stranding hundreds of thousands of travelers.
The International Atomic Energy Agency reported no radiological effects at Iran's nuclear facilities following the strikes.