US and Iran exchange fire and disagree on whether strait of Hormuz is open | First Thing

The US military launched new attacks against Iran, escalating a standoff over the Strait of Hormuz. Iran's foreign ministry condemned these hostilities, stating they nullified recent diplomatic efforts to reduce regional tension and disrupted international commercial shipping. Consequently, oil prices have risen as both nations issue conflicting reports regarding whether the strait remains open. Meanwhile, investors are monitoring upcoming CPI data, Wall Street earnings, and testimony from Federal Reserve Chair Kevin Warsh on Capitol Hill.