The Middle East conflict has entered its seventh day with Iran proving more effective than expected against U.S. and Israeli forces. The war has triggered a global market selloff, with S&P 500 futures down 0.45% this morning and the index back in negative territory for the year. Foreign markets have outperformed U.S. stocks year-to-date as investors flee American assets.

Regional energy infrastructure faces unprecedented threats after an Iranian missile struck Bahrain's only oil refinery. Qatar's energy minister warned the conflict could drive oil to $150 per barrel and force all Gulf exporters to declare force majeure. More than 23,000 flights have been canceled globally since Iran's first retaliatory strike, and the country has maintained a six-day internet blackout.

Four suspected Iranian spies were arrested in the U.K. for surveillance on Jewish communities, while Iran targets hyperscaler data centers operated by Amazon and Microsoft in the Middle East. Qatar intercepted a drone attack on the U.S.'s largest Middle East base. Some Republicans are criticizing President Trump for launching a new war after promising to end conflicts, as Gulf allies complain about mounting collateral damage.