Iran's Revolutionary Guard threatened this week to halt all energy exports from the Middle East, not just shipping through the Strait of Hormuz, after the US struck an Iranian army barracks and a Kuwaiti drilling platform took the first direct hit on energy infrastructure in weeks. Monday's asset moves still split sharply along commodity lines rather than broadening into a general market shock. Unclaimed strikes inside Iran raise the possibility that Gulf Arab states are now acting directly rather than only absorbing retaliation.
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