US-Iran tensions have flared again, with Iran striking a US military base in Kuwait after American attacks on Iranian radar and drone command sites. Talks to formalise a ceasefire are still continuing, but the latest exchange shows how fragile the process remains. For investors, the main risk is energy: any threat to the Strait of Hormuz, a key route for global oil, could push fuel costs higher and slow progress on inflation. That may make central banks more cautious about cutting interest rates, especially if higher oil prices feed into transport and consumer prices. Markets reacted most clearly in commodities: Brent crude rose about 3% to roughly $94 a barrel, while US stock futures were still modestly higher and Treasury yields edged up.