Five U.S. refueling tankers are currently airborne across the Middle East, stretching from Jordan to the Gulf of Oman, in response to a surprise Iranian attack. This military response follows Iranian ballistic missile launches targeting U.S. troops in the region. The deployment of these aircraft is designed to extend the operational range of U.S. fighter jets and strike aircraft. Tensions are particularly high in the Strait of Hormuz, a critical maritime passage for global oil shipments. Markets reflect limited confidence in a return to normal by August 31, with a probability of only 10.5%.
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