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The Squawk Box anchors discuss the latest escalation in tensions between Washington and Tehran, which sent oil prices sharply higher. President Trump reportedly approved military strikes against Iran but then backed down, according to the New York Times and the Washington Post. The reports, which both cite multiple officials, say Trump approved the moves in retaliation for Iran shooting down a U.S. drone over the Strait of Hormuz. Top EU diplomat Federica Mogherini has told CNBC Europe will facilitate talks between the two parties to avoid a military escalation in the Middle East.  On the equity market front, the SaP 500 closed at a fresh record high on dovish language from central banks around the world. AND In the UK, Boris Johnson and Jeremy Hunt will now face off for Britain's top job, as the final two candidates are confirmed in the race to succeed Theresa May as Prime Minister.