Escalation Fears Rise in Persian Gulf Amid Tanker Attacks and US-Iran Tensions; Trump Announces New Policy for Strait of Hormuz

Concerns are growing in the Persian Gulf over potential escalation following recent tanker attacks and US strikes against Iran, leading to uncertainty in the Strait of Hormuz and worries about global trade. President Trump has announced that fees for US military presence in the Strait of Hormuz will be replaced by trade and investment agreements with Gulf states, as major indexes end lower and oil prices soar.