US-Iran conflict ignites energy prices: Oil prices surge to $114, causing massive shocks in global markets.

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**Iran missile hits US Navy ship in Strait of Hormuz after Trump launches "Freedom Project"** movement, causing oil prices to rocket immediately / **Brent crude jumps to $114.44/bb**, WTI to $106.42.

- **Gold reverses hard**: breaks $4,550 to $4,521 as DXY climbs to 98.46 and 10Y Treasury yields surge to 4.432%.

- **US equity markets show shattering nerves** (Dow -0.43%, Nasdaq +0.04%); European indexes plunge on the double pressures of Mideast instability and new transatlantic levies.

- US announces 25% tariff on European automotive imports (up from 15%) – **Germany's immediately output loss projected €15 bn, long-term €30 bn**.

- Chinese Vice-Premier He Lifeng lines with US Treasury Secretary Bessent and Trade Representative Greer:**China expresses "serious concerns" over intensifying US regulatory restrictions running up against July’s trade ceasefire deadline**.

- **Fed's Williams says Strait conflict disruption supply chain "significantly"**, delays possible cut schedule, while inflation stays ~3% price target to push to 2027.

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