Oil jumped and US equity futures fell after the US launched another round of strikes against Iran, while conflicting claims over the status of the Strait of Hormuz heightened uncertainty.
S&P 500 futures dropped 0.2% in early trading Monday after the cash index closed 0.4% higher on Friday.
WTI crude climbed 3% at the open, trading around $74, while the dollar rose against most major peers.
Risk crept in after the US military launched several rounds of strikes in recent days, culminating with the latest barrage around 5pmET on Sunday aimed at further weakening Iran’s ability to strike civilian vessels transiting the Strait of Hormuz, the US Central Command said. The latest action followed Iranian drone and missile attacks on US allies including Kuwait, Jordan and Qatar in response to earlier US strikes.
At 5 p.m. ET today, U.S. Central Command forces began launching more strikes against Iran to continue degrading their ability to attack civilian mariners and commercial ships freely transiting the Strait of Hormuz. The Commander in Chief has directed the strikes to hold Iranian…
— U.S. Central Command (@CENTCOM) July 12, 2026
Confusion over the status of the Strait of Hormuz only added to the uncertainty, after Iran said it had closed the waterway while the US military and maritime authorities said shipping continued through its southern route. According to Axios, a US offi
