U.S. forces launched a fresh wave of U.S. airstrikes against Iran at 5:15 p.m. Eastern, targeting sites near the Strait of Hormuz. Defense Secretary Pete Hegseth said the barrage aims to pressure Tehran into a peace deal aligned with President Trump’s demands. The operation marked the second major U.S. strike since April, underscoring Washington's resolve.

The strikes coincided with a Treasury report showing consumer prices rising 4.2% in May, the fastest pace in three years. Energy costs surged as the Hormuz bottleneck threatened oil flow, feeding higher travel and food prices. Polls reveal growing frustration as inflation outstrips wage growth, though the president dismissed it as a temporary blip. Analysts warn the surge could ripple through global supply chains.

Oil traders pushed Brent crude above $90 a barrel, pressuring markets already jittery from geopolitical risk. Oman, a U.S. ally, found itself at odds with Washington over the escalation, highlighting regional diplomatic strains. Investors monitor the unfolding conflict for further supply shocks, which could tighten margins for energy‑intensive sectors. The heightened risk may also depress consumer confidence in affected markets.