The U.S. Energy Information Administration (EIA) stated that fuel prices could continue to rise for several months, even if the Strait of Hormuz is no longer blockaded.
Russia and China have vetoed a United Nations Security Council resolution that would have allowed the use of "self-defense" forces to protect shipping in the Strait of Hormuz.
Iranians protested, formed human shields, or continued daily activities on 7/4 as President Trump's ultimatum concerning the Strait of Hormuz neared its deadline.
Iran's revolutionary guard warns that if Washington crosses a red line, the country will retaliate beyond the region, potentially depriving the United States and its allies of oil and gas supplies.
Jamie Dimon, CEO of JPMorgan, believes the Middle East conflict could ignite a new spiral of inflation and high interest rates, potentially pushing the US into a recession.
The U.S. Navy is requesting a $3 billion budget to procure 785 Tomahawk missiles in fiscal year 2027, marking a more than 14-fold increase from the previous year.
The American University of Beirut in Lebanon restricts access, while U.S. educational institutions in Qatar and Abu Dhabi close until further notice, following Iran's threats to target them.
Six US aircraft, including two transport planes and four helicopters, were destroyed during an F-15E pilot rescue operation in Iran, according to Reuters.
