The U.S. military launched "a series of powerful strikes" against Iran Tuesday evening, following Tehran's attacks on commercial ships in the Strait of Hormuz. The action by U.S. Central Command escalates tensions between Washington and Tehran, hours after the Treasury revoked a general license for Iranian oil sales. These strikes threaten a recent ceasefire and occurred as Iran held funeral ceremonies for its former Supreme Leader.

Oil prices reacted sharply to the news, with Brent crude climbing as much as 6.4 percent to $76.60 a barrel in evening trading. The U.S. president was attending a Nato summit in Turkey, where discussions included Iran and broader transatlantic security. Meanwhile, minutes from the U.S. Federal Reserve's June meeting, chaired by nominee Kevin Warsh, are set for release, alongside the IMF's World Economic Outlook Update.

In other news, far-right leader Marine Le Pen will run for French president despite a conviction, and China plans to nearly double its investors' bond quota in Hong Kong to $118 billion, aiming to boost the renminbi's international use. Samsung Electronics shares fell 10 percent despite record profits, signaling investor unease about AI investment returns.