Tugboat Daily Brief - Iran-Israel Conflict - 2026-06-12
The US and Iran engaged in direct state-on-state warfare with American airstrikes on Iranian infrastructure and IRGC missile retaliation against US bases in the Gulf. Despite Strait of Hormuz closure attempts and rising gold prices, oil markets dipped as traders priced in potential diplomatic off-ramps amid ongoing back-channel negotiations.
Key Developments
The ceasefire framework collapsed, triggering direct state-on-state warfare between the United States and Iran involving airstrikes and ballistic missile retaliation.
Iranian forces attempted to close the Strait of Hormuz while…
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