US Airstrikes on Iran Drive Oil Prices Higher as Markets React to Renewed Middle East Conflict
US airstrikes on Iran sent oil prices higher on Tuesday as the conflict in the Middle East escalated. The US military launched a series of strikes against Iranian targets, including air defense sites and radar systems, to degrade Tehran's ability to disrupt traffic through the Strait of Hormuz.
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In response, Iran's Revolutionary Guard targeted US military positions in Jordan, Kuwait, Bahrain, Iraq, and the United Arab Emirates. Crude oil prices rose significantly, with Brent crude futures crossing $95 per barrel and US West Texas Intermediate crude rising toward $90 per barrel. The market reaction included a sell-off in the bond market, with the 10-year Treasury yield reaching its highest level since January 2025. Stocks also experienced a decline, with the Dow Jones Industrial Average falling by 0.8% and the Nasdaq Composite dropping more than 1%. President Trump said the US strikes were taken in retaliation for Iranian attempts to place mines in the Strait of Hormuz and for attempted Iranian strikes on sites inside Jordan. He noted that the US currently holds almost total control of the Strait of Hormuz while the Iranian economy is collapsing. Trump said the US will hit Iran hard if it retaliates further.
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Stock market today: Dow, S&P 500, Nasdaq drop as oil tops $95, bond yields rise
Yahoo Finance
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Brent oil price above $95 as Iran retaliates with strikes on U.S. Gulf allies
CNBC