Summary

• Explosions in Jordan reported amid initial Iranian retaliation, drones on Bahrain.
• Reports of fresh US strike wave on southern Iran, oil soars
• Bessent Says Hormuz Will Be “Worthless Piece of Water” In Two Years
• Iran offers conditional ceasefire: Pezeshkian says Iran will return to talks if the US honors prior commitments, which Tehran says it has violated.
• Tankers hit in Strait of Hormuz: Two supertankers struck exiting Hormuz, escalating energy-market risks.
• Oil prices surge: Brent crude rose above $92/barrel.
• Diesel supply squeezed: Refinery disruptions are driving diesel prices and margins sharply higher.