On June 10-11, the US launched "self-defense" airstrikes on multiple targets in Iran, with the Defense Secretary vowing to bomb key Iranian facilities. Iran responded by closing the Strait of Hormuz to all vessels, warning that any ship attempting to pass would be attacked. Iran also fired missiles at US bases and shot down a US military helicopter. The fragile ceasefire is nearing collapse, with WTI crude surging over 3% above $92 per barrel. The strait handles about 20% of global oil shipments, as geopolitical risks continue to escalate.
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