3 min read3 sourcesBearish
US and Iran Exchange Strikes: Oil Jumps and Stocks Slide
A fragile ceasefire between the US and Iran has broken down, and markets have swung risk-off. Washington launched retaliatory strikes on Iranian military sites after Iran attacked three commercial vessels in the Strait of Hormuz, and it revoked a waiver that had let Iran sell oil; Iran's Revolutionary Guards said they hit US military facilities in the region in response. Crude jumped more than 2%, US stock futures fell around 1%, Europe slipped and Asian markets sold off, with South Korea's Kospi tumbling into a bear market. The moves read as a supply and inflation shock centered on the world's most important oil chokepoint.
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