Iran's trump card

Oil prices surge but traders aren't panicking yet as U.S.-Iran strikes escalate and Iran claims the Strait of Hormuz is closed - even as U.S. Central Command says around 20 ships got through in the last 24 hours. Meanwhile, June CPI data drops Tuesday and big bank earnings kick off a week that will test soaring tech valuations.

Today’s recommended read: Cheap drones turn energy into the global economy's weak spot (reuters.com/commentary/reuters-open-interest/c…), Ron Bousso

Subscribe to Mike Dolan's Morning Bid newsletter, (reuters.com/newsletters/morning-bid-us) and check out his columns on Reuters Open Interest (reuters.com/commentary/reuters-open-interest).

Read more from Amanda Cooper (reuters.com/authors/amanda-cooper) and Anna Szymanski (reuters.com/authors/anna-szymanski)

Produced by Eliza Davis Beard and Abisoye Adelusi

Sound engineering and music by Sebastian and Josh Sommer

Visit the Thomson Reuters Privacy Statement (thomsonreuters.com/en/privacy-statement.html) for information on our privacy and data protection practices.

You may also visit megaphone.fm/adchoices (nam02.safelinks.protection.outlook.com/?url=ht…) to opt out of targeted advertising.

Learn more about your ad choices. Visit megaphone.fm/adchoices