newsWednesday, July 8, 2026
The U.S. launched retaliatory strikes against Iran after attacks on commercial vessels in the Strait of Hormuz, sending oil prices up and gold wavering. Iran's IRGC claims it struck 85 U.S. military targets in response, while Kuwait and Bahrain face incoming missiles. The escalation is the day's dominant story, with ripple effects across energy and defense.
The U.S.-Iran confrontation escalated sharply today, with retaliatory strikes and counterstrikes reshaping the Middle East's security landscape.
Oil jumped nearly 3% after the U.S. launched 'powerful strikes' against Iran following attacks on commercial vessels in the Strait of Hormuz, threatening a fragile truce.
The IRGC claims it struck 85 U.S. military targets in Bahrain and Kuwait and downed an MQ-9 drone, calling it an 'initial' retaliation. The scale of the claimed attack is unprecedented.
Kuwait confirmed its air defenses are intercepting incoming fire after U.S. strikes on Iran, indicating the conflict is drawing in neighboring Gulf states.
Oil and gold markets reacted swiftly to the geopolitical shock, with investors weighing inflation risks and awaiting Fed minutes.
Gold wavered as investors balanced the inflationary push from higher oil prices against safe-haven demand, ahead of the Fed minutes release.
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