Overview
- President Trump said on Monday he would not extend the 60‑day ceasefire with Iran, a move that triggered an immediate jump in crude futures and wider market volatility.
- Iran told Reuters it will adopt a 'fully offensive' posture and state‑linked outlets reported the detention of a tanker as projectiles struck vessels, and ship‑tracking data show Hormuz transits have fallen to only a few per day.
- Brent futures moved above $90 a barrel and U.S. WTI traded in the mid‑$80s as traders priced a geopolitical premium, and U.S. gasoline averages rose to about $4.06 per gallon.
- U.S. officials signalled intensified pressure on Tehran, with Treasury Secretary Scott Bessent promising unprecedented economic isolation and the president making strong military threats that complicate regional diplomacy.
- The Strait of Hormuz normally carries about one‑fifth of global oil flows so reduced tanker traffic raises insurance and shipping costs that can tighten physical supply and keep prices elevated unless diplomacy or alternate routes restore flows.