Geopolitical events
On July 17, 2026, the United States military executed targeted kinetic operations against Iranian naval and radar facilities on Qeshm Island in the Strait of Hormuz. This escalation follows the formal termination of the interim ceasefire and reported Iranian interference with commercial transit. U.S. Vice President J.D. Vance characterized the intervention as a "necessary measure to safeguard the freedom of navigation and stabilize global energy markets." In response, Tehran has reportedly signaled an intensification of maritime blockades through regional proxies, further increasing the risk premium on international shipping.