On Tuesday, President Donald Trump ordered fresh U.S. strikes on Iranian targets while Tehran retaliated against American positions across the Middle East, sending Brent crude above $96 a barrel amid renewed fears over the Strait of Hormuz.
Oil Surges as US-Iran Tensions Rattle Global Markets
Late in the day, Dow futures fell 13 points, or 0.02%, to 52,815.00, while S&P 500 futures were down 0.25 points, or 0.00%, at 7,642.50.
Nasdaq 100 futures slipped 9 points, or 0.03%, to 29,116.50 as of around 8:41 p.m. EDT.
In commodities, WTI crude oil rose 1.61% to $91.67 per barrel, while Brent crude advanced 1.64% to $96.20 per barrel. Natural gas futures gained 1.96% to $2.961 per MMBtu.
Meanwhile, the U.S. dollar index, which tracks the greenback against a basket of currencies, stood at 99.714, up 0.06% as of around 6:22 a.m. IST.
Asian markets traded lower, with South Korea’s KOSPI falling 2.48% to 6,666.52, while Japan’s Nikkei 225 declined 2.59% to 64,501.12.
Trump Orders Iran Strikes as Tehran Retaliates
The U.S. military said it struck Islamic Revolutionary Guard Corps targets, including air-defense systems, radar sites, maritime assets, mine-laying capabilities and communications facilities.
“The strikes follow recent attempted attacks by the IRGC against commercial shipping in the Strait of Hormuz and against American service members,” CENTCOM said.
The strikes came after a weekend exchange of fire, the first since July.
They also followed Monday attacks on two tankers leaving the Strait of Hormuz, a key global oil-shipping route that Iran has effectively closed to commercial traffic.
Iran responded with missile and drone attacks targeting U.S. forces in Jordan, Bahrain and Iraq, Reuters reported.
Jordan said its air defenses intercepted 10 of 13 ballistic missiles that entered its airspace, while Bahrain reported intercepting Iranian drones.
Trump warned Tehran against further retaliation, saying any further response would prompt a “much harder” attack.
Iran Threatens Gulf Oil Exports
The Strait of Hormuz remains at the center of the crisis. The strategic waterway handles roughly one-fifth of global oil flows, making any prolonged disruption a major threat to energy markets.
Iranian media quoted Iranian parliament speaker Mohammad Baqer Qalibaf as saying, “If the enemy wants us not to export oil from the Persian Gulf, no one will be able to export oil.”
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock/ Below the Sky
