Overview
- President Donald Trump said the interim ceasefire with Iran was "over" on Wednesday and U.S. forces launched additional strikes that the Pentagon said aimed to keep the Strait of Hormuz open to shipping.
- Iran reportedly fired at targets in Bahrain, Kuwait and Qatar in response to the U.S. strikes, deepening the confrontation and keeping Gulf shipping routes under close watch.
- Brent crude spiked into the high $70s per barrel and briefly touched near $80, which raised near‑term inflation worries and pushed money markets to bring forward the likely timing of the next Fed rate hike.
- Global equity markets swung sharply: major indexes fell in large single‑day moves on Wednesday and then staged partial rebounds on Thursday as investors reassessed the risk and bought beaten down large caps.
- Regional differences and sector flows drove the market picture, with Pakistan and India seeing steep one‑day drops, South Korea’s chip stocks moving independently, and mediators continuing quiet diplomacy that keeps the ceasefire’s future uncertain.