Oil prices climbed and US stock futures slipped after US bombers hit Iran’s nuclear facilities over the weekend.
Brent crude, the international benchmark, rose as much as 5.7% to briefly top $81 per barrel before easing to a gain of about 2.2%, settling near $78.80 in early electronic trading. West Texas Intermediate crude advanced about 2.4% to around $75.60.
Both benchmarks spiked after Trump confirmed American forces hit the Fordow, Natanz, and Isfahan nuclear sites, marking the first direct US military action inside Iran since 1979.
The strikes, which follow Israel’s military campaign against Iran that began on June 13, have rattled energy traders. Many fear a potential retaliation could disrupt traffic through the Strait of Hormuz, a narrow waterway that handles roughly one‑fifth of the world’s oil supply.
While Iran’s parliament signaled intentions to close the passage, the final decision rests with Supreme Leader Ayatollah Ali Khamenei, and so far, Iranian oil exports to China and other destinations appear undisturbed.
US stock futures reflected investor caution but not panic. Futures for the S&P 500 and Dow Jones Industrial Average both dipped 0.4%, while Nasdaq futures slipped 0.5%.
Treasury yields remained steady, suggesting that markets are weighing the risk of further conflict but not yet bracing for an immediate oil shock.
In Asia, early trading saw Japan’s Nikkei 225 down 0.6% and Taiwan’s Taiex losing 1.5%, with other regional indexes posting moderate declines.
Analysts differ on how far Iran might go. Some believe closing the Strait is unlikely because Iran depends heavily on the same shipping route for its own oil revenues. Others warn Tehran could lash out indirectly, using regional proxies or attacks on oil facilities in neighboring Gulf states.
“If the Strait of Hormuz was completely shut down, oil could shoot to $120 or even $130 a barrel,” said veteran oil analyst Andy Lipow, warning of higher gas prices and rising costs for everyday goods transported by truck. Such a spike could complicate the Federal Reserve’s efforts to tame inflation and lower interest rates.
Despite the dramatic headlines, some market experts expect the initial price surge to fade if Iran refrains from an aggressive response. “They aren’t crazy,” said longtime Wall Street analyst Ed Yardeni. “The price of oil should fall and stock markets around the world should climb higher” if Tehran opts for restraint.
President Trump, meanwhile, has vowed more strikes if Iran retaliates, underscoring Washington’s commitment to protect global shipping lanes and American interests in the region.