Gulf War Escalates: Energy Infrastructure Attacked

The Gulf War has intensified with Iran, Israel, and other regional actors trading attacks on critical energy infrastructure. Iranian drones struck Kuwait's Kuwait===Ahmadi Governorate refinery and Saudi Aramco's Saudi Arabia===Yanbu refinery. Israel retaliated with attacks on Iran's South Pars gas field, leading Iran to target an oil refinery in Israel===Haifa, Israel, and Qatar's Ras Laffan LNG plant, which suffered extensive damage. Tanker traffic through the Strait of Hormuz is virtually blocked, causing crude oil prices to skyrocket and raising global inflation concerns. The United States is seeking over $200 billion from Congress to fund its forces, while President Donald Trump has urged de-escalation and threatened further action against Iran. The United States===Federal Reserve, Japan===Bank of Japan, and Switzerland===Swiss National Bank have held interest rates steady due to inflationary pressures and uncertainty, leading investors to favor the United States===United States dollar over precious metals.