Framing Analysis
Multiple sources report increased attacks on oil tankers in the Strait of Hormuz, Red Sea, and Black Sea, coinciding with a July oil price increase exceeding 30 percent and Brent crude surpassing $100 per barrel. A June 17 U.S.-Iran memorandum briefly affected Hormuz traffic before a subsequent decline, while insurers have restricted coverage for certain Red Sea cargoes. One unverified report alleges strikes by Bahrain and Kuwait on Iran.