00:01The U.S. and Iran are trading fire again, the peace deal is dead and oil prices are surging.
00:06Here's what you need to know in 90 seconds.
00:09This week, Iran attacked three commercial tankers in the Strait of Hormuz,
00:12including a Qatari liquid natural gas carrier,
00:15after demanding that ships coordinate passage with Tehran.
00:19The U.S. hit back hard, strikes on more than 80 targets.
00:22Iran's main oil export hub was hit and Washington also cancelled Iran's permission to sell oil.
00:28Iran retaliated with missiles and drone strikes on U.S. bases in Bahrain and Kuwait.
00:34Overnight, the U.S. launched fresh strikes on Iran's southern coast,
00:38and Iran is now threatening Gulf oil facilities and a large attack on American bases.
00:44Markets reacted immediately.
00:46Brent crude jumped over 5% to around $78.
00:49Remember, a fifth of the world's oil and gas moves through Hormuz.
00:53This hits Asia directly from fuel prices to shipping costs.
00:57Trump says the deal is over, but he's left the door open for negotiators to keep talking.
01:02Talks are paused during Khamenei's funeral, which ends today.
01:07Watch for three things.
01:08Whether Iran strikes Gulf oil infrastructure,
01:11whether ships can still transit Hormuz,
01:13and whether both sides return to the negotiation table.
01:16If anything goes wrong, I expect oil prices well above $80.
01:19To deal with us.
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