Energy Markets

President Donald Trump minimized the military conflict with Iran as "small potatoes" even as Strait of Hormuz disruptions drove regular gasoline to $4.15 per gallon.

Hostilities in the Strait of Hormuz have intensified, with Iranian strikes impacting multiple nations and the U.S. conducting strikes on military targets. The conflict has jeopardized an interim ceasefire and led the U.S. to revoke a license for the sale of Iranian crude oil.

Iranian forces launched coordinated strikes against U.S. military facilities in five nations, while Iranian authorities declared the Strait of Hormuz closed.