CENTCOM said on July 7 US forces struck about 80 Iranian military targets, including more than 60 small Islamic Revolutionary Guard Corps vessels, to punish Iran for breaching a ceasefire by attacking three merchant ships transiting the Strait of Hormuz.

In early trade, China-listed oil-themed LOFs opened sharply higher: Harvest Crude Oil LOF, E Fund Crude Oil LOF and Southern Crude Oil LOF rose over 5%, while a broader oil LOF was up nearly 3%; oil fund LOFs including Huabao Oil & Gas LOF also gained. Iranian media reported a retaliatory strike on a US military base in Kuwait. President Trump said an earlier attack on Iran was retaliation for Iran’s bombing of ships yesterday.

The EU will give its weak industrial sector greater flexibility in the upcoming EU ETS reform while aiming to preserve incentives for clean-technology investment, EU officials said. The reform seeks to balance support for heavy industry’s transition to clean energy with measures that continue to reward faster-decarbonizing firms. The European Commission is expected to publish the proposal on July 17. To address competitiveness concerns in energy-intensive sectors, the Commission aims to launch as early as next year an ETS Investment Promotion Fund that would allocate 400 million allowances over three years to eligible firms on a first-come, first-served basis.