US-Iran Strikes Escalate, WTI Holds Above $90 as Hormuz Peace Talks Stall

The U.S. and Iran exchanged missile and drone strikes overnight Friday (June 5), the sharpest escalation since a shaky ceasefire began, as negotiations to extend the truce and reopen the Strait of Hormuz stalled. U.S. Central Command intercepted six ballistic missiles targeting Bahrain and Kuwait, then struck Iranian coastal radar sites on Qeshm Island and in Goruk. No damage was reported. The flare-up comes as talks falter over frozen Iranian assets and a parallel Israel-Lebanon ceasefire. West Texas Intermediate crude ended the week above $90 a barrel, with Brent near $93, well above pre-conflict levels but down from peaks. The Hormuz closure since the war began has fueled inflation fears ahead of midterm elections. President Trump said Iran retains about 21-22% of its missile capacity, though he insisted the U.S. is “having great success.” A military adviser to Iran’s supreme leader said “the ball is in Trump’s court” for a deal.