The US and Iran traded further strikes Sunday night and oil prices jumped as the shaky ceasefire unravelled further.
Traffic through the Strait of Hormuz fell to its lowest level in weeks, with just 22 ships traversing the passage and some reportedly switching off their transponders to avoid detection, Bloomberg reported. Brent crude rose 4% Monday to $79 a barrel, more than 9% above pre-war prices, while global stocks fell.
US, Eurozone, and UK gilt yields all rose, implying investor nervousness about government debt and suggesting that “the bond-bullish sentiment that had dominated global markets in the second half of June has come to an abrupt end,” The Wall Street Journal reported.