The U.S. Consumer Price Index rose 3.5% year-over-year through June after a 4.2% increase through May, with a 0.4% monthly decline exceeding analyst forecasts of a 0.1% drop. Oil prices increased, with WTI crude at $78.94 per barrel and Brent crude reaching as high as $87.39 per barrel. Iran announced closure of the Strait of Hormuz while the U.S. reinstated a shipping blockade; reports of direct missile exchanges between the U.S. and Iran remain disputed between sources.