Operation epic fury took most investors by surprise on February 28, as missiles rained down on Iran. While there was a buildup of military assets in the region for months ahead of this date, many in the world were not expecting such forcible action against Iran. What followed were additional strikes, retaliatory strikes against regional allies and primarily the closure of the Strait of Hormuz. Oil futures spiked immediately, reaching as high as $120 per barrel before retreating some to the current level around $90. As we write this today, there is a temporary ceasefire as both sides attempt to reach a solution to end the war. However, the impacts will be felt for the foreseeable future.
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