Late Sunday, global markets turned cautious after the U.S. launched another round of strikes against Iran, fueling a rally in crude oil prices and weighing on U.S. stock futures.
Dow Futures Decline As Crude Climbs
Dow futures fell 109.00 points, or 0.21%, to 52,797.00, while S&P 500 futures declined 17.50 points, or 0.23%, to 7,602.75 and Nasdaq 100 futures dropped 117.50 points, or 0.39%, to 29,914.75 as of around 8:36 p.m. EDT.
In commodities, WTI crude oil rose 3.77% to $74.10 per barrel, while Brent crude climbed 3.60% to $78.75 per barrel. Natural gas futures fell 0.88% to $2.914 per MMBtu.
Meanwhile, the U.S. dollar index, which tracks the greenback against a basket of currencies, stood at 101.119, up 0.15% on the day.
Asian markets were higher, with South Korea’s KOSPI gaining 0.22% to 7,492.20 and Japan’s Nikkei 225 rising 0.26% to 68,738.79.
Read Also: Iran Rejects Restart of Talks As Renewed Strikes Slow Hormuz Shipping
US Launches Fresh Iran Strikes As Hormuz Tensions Escalate
According to U.S. Central Command, the latest strikes were ordered after Iran’s Islamic Revolutionary Guard Corps attacked a container ship transiting the Strait of Hormuz.
“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,” CENTCOM said, adding that “the Commander in Chief has directed the strikes to hold Iranian forces accountable.”
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
Iran retaliated with strikes targeting U.S. military facilities in Jordan, Kuwait, Bahrain and Oman, according to state news agency Tasnim.
Iranian state media also said the Strait of Hormuz had been closed until further notice. CENTCOM disputed that assertion, saying the waterway remains open to lawful commercial traffic.
“Iran does not control the strait. Traffic is flowing,” CENTCOM said, adding that U.S. forces remain prepared to ensure freedom of navigation.
The Strait of Hormuz is open to all vessels seeking to lawfully transit the international waterway. U.S. forces are positioned and prepared to ensure that freedom of navigation remains available despite unwarranted Iranian aggression, harassment, threats, and arbitrary… pic.twitter.com/FS3TUBOZEj
— U.S. Central Command (@CENTCOM) July 12, 2026
Maritime intelligence firm Windward said nine ships passed through the Strait of Hormuz on Saturday.
Strait of Hormuz update. AIS-tracked commercial traffic stayed open between 18:00 UTC July 11 and 06:00 UTC July 12. 9 vessels transited, 3 outbound and 6 inbound, 4 of them under the Iranian flag.
— Windward (@WindwardAI) July 12, 2026
This comes amid reports of an attack on a container ship and a threatened… pic.twitter.com/F8rVSQzcqg
Trump Says Hormuz Remains Open Amid Escalation
The latest exchange marks the fourth U.S. strike on Iran within the past week amid growing tensions over maritime security in the Strait of Hormuz, through which roughly one-fifth of global oil supplies typically pass.
President Donald Trump also told NBC News’ Meet the Press that the strait remains open, CNBC reported on Sunday. Meanwhile, UN Secretary-General António Guterres urged both countries to resume diplomacy.
“These attacks must all stop,” Guterres wrote on X, warning that a return to full-scale hostilities would have “catastrophic consequences” for the region, global security and the world economy.
I am deeply concerned by the serious escalation & renewed military confrontations in the Gulf, including the Iranian attacks on ships in the Strait of Hormuz, the attacks by the US on Iran, and the attacks by Iran on targets in the neighboring countries.
— António Guterres (@antonioguterres) July 12, 2026
These attacks must all…
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock/ Below the Sky
