It's Tuesday, and the Middle East is once again the center of the financial world's attention. President Donald Trump ordered fresh U.S. strikes on Iranian targets, while Tehran launched retaliatory attacks on American positions across the region. The result? Brent crude shot above $96 a barrel, and markets are bracing for what comes next.
Oil Tops $96 as Trump Orders New Iran Strikes and Tehran Threatens Gulf Exports
MarketDash
Fresh U.S. strikes on Iran and Tehran's retaliation push Brent crude above $96, with the Strait of Hormuz at the center of a new energy crisis.
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Oil Surges as US-Iran Tensions Rattle Global Markets
The immediate fallout hit futures late in the day. Dow futures slipped 13 points, or 0.02%, to 52,815.00, while S&P 500 futures were essentially flat, down 0.25 points at 7,642.50. Nasdaq 100 futures eased 9 points, or 0.03%, to 29,116.50 as of around 8:41 p.m. EDT.
But the real action was in commodities. WTI crude oil rose 1.61% to $91.67 per barrel, and Brent crude advanced 1.64% to $96.20. Natural gas futures also gained, up 1.96% to $2.961 per MMBtu. 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 took a hit, with South Korea's KOSPI falling 2.48% to 6,666.52 and Japan's Nikkei 225 declining 2.59% to 64,501.12. It's a classic risk-off move, and energy is the clear driver.
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. CENTCOM explained, "The strikes follow recent attempted attacks by the IRGC against commercial shipping in the Strait of Hormuz and against American service members."
This comes after a weekend exchange of fire, the first since July, and follows Monday's attacks on two tankers leaving the Strait of Hormuz, a critical oil 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, according to Reuters. 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. It's a tense standoff, and the market is watching every move.
Iran Threatens Gulf Oil Exports
The Strait of Hormuz remains the flashpoint. This strategic waterway handles roughly one-fifth of global oil flows, so any prolonged disruption is a major threat to energy markets. Iranian media quoted 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." That's a direct threat to the world's oil supply, and it's why prices are spiking.
For investors, the key question is how long this lasts. If the Strait stays closed or contested, oil could keep climbing, and that would ripple through everything from gas prices to inflation. For now, the market is bracing for more volatility.
Image via Shutterstock/ Below the Sky
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