As things were looking up as a brief ceasefire for talks, the US has launched a fresh wave of attacks on Iran on the 29th & 30th of July, hitting dozens of Iranian military targets with an IRGC command center being hit, also missile and drone facilities. Iranian-funded proxy Islamic militia groups in the region is not a new story and has been part of the complicated political and religious issues in the Middle East for years, yet Saudi Arabia and the Houthis are experiencing particular conflict, and it's rumored that the Red Sea could be the next choke point as well as the Strait of Hormuz, which could spike the oil price even further and continue global inflation.
President Donald Trump has threatened his usual threats on Iran to continue and even step up the violence, yet at the same time putting out there that peace talks and a resolution could still happen. Yet is that just to play financial markets cleverly with optimism of peace? Currently WTI (West Texas Intermediate) oil is at $84 & Brent Crude oil (the world's benchmark) sitting at $91, just as the price of fuel at the pump was coming down after oil futures prices came back to pre-Iran war levels, and inflation on goods and services in world economies was following that. Yet now it's very uncertain with fresh geopolitical escalation and volatile commodity prices.