Fresh U.S. military action against Iran and President Donald Trump’s declaration that the interim accord is effectively finished pushed oil prices higher while U.S. stock futures remained in positive territory.
Oil Rises As Markets Assess Escalation
On Wednesday, Dow futures rose 17.00 points, or 0.03%, to 52,641.00, while S&P 500 futures gained 7.00 points, or 0.09%, to 7,535.75 and Nasdaq 100 futures advanced 100.75 points, or 0.34%, to 29,569.25 as of around 8:30 p.m. EDT.
In commodities, WTI crude oil rose 0.87% to $74.16 per barrel, while Brent crude climbed 0.87% to $78.70 per barrel. Natural gas futures edged up 0.09% to $3.215 per MMBtu.
Meanwhile, the U.S. dollar index, which tracks the greenback against a basket of currencies, stood at 100.952, down 0.11% on the day.
Asian markets were higher, with South Korea’s KOSPI gaining 3.86% to 7,526.25 and Japan’s Nikkei 225 rising 1.52% to 67,836.08.
US Launches Fresh Strikes On Iran After Strait Of Hormuz Attacks
The U.S. military said it had launched additional strikes on Iran aimed at weakening Tehran’s ability to threaten commercial shipping through the Strait of Hormuz, one day after three cargo ships were attacked while transiting the strategic waterway.
In a post on X, U.S. Central Command said its forces had begun “conducting additional strikes against Iran to further degrade their ability to threaten freedom of navigation in the Strait of Hormuz.”
“The United States is holding Iran accountable for recent unjustified aggression against commercial shipping and civilian crews freely navigating a vital international waterway,” CENTCOM said.
At the direction of the Commander in Chief, U.S. Central Command forces have started conducting additional strikes against Iran to further degrade their ability to threaten freedom of navigation in the Strait of Hormuz. The United States is holding Iran accountable for recent…
— U.S. Central Command (@CENTCOM) July 8, 2026
Trump said the strikes were retaliation for the attacks on commercial vessels, warning Tehran against further escalation.
“This is in retribution for yesterday’s bombing of ships by Iran. If it happens again, it will get much worse!” Trump wrote on Truth Social.
Trump Says Iran Accord Is ‘Over’
Speaking before a NATO summit in Turkey, Trump said an interim memorandum of understanding signed on June 17 to end hostilities had effectively collapsed.
“To me, I think it’s over. I don’t want to deal with them,” Trump said, later adding, “If we make a deal with Iran I’m not sure that will stick.”
Iranian Foreign Minister Abbas Araghchi responded on X, saying Iran would not answer “vulgarity with vulgarity, but with action: fearlessly and with great valor.”
Former Vice President Mike Pence also weighed in, urging Trump to “Finish the Job” by destroying Iran’s nuclear and missile programs and restoring freedom of navigation through the Strait of Hormuz.
If the Iran deal is "over", President Trump should unleash the Armed Forces of the United States to Finish the Job: Destroy their nuclear and missile programs, end support for terrorist proxies and restore freedom of navigation in the Strait of Hormuz.🇺🇸https://t.co/liKRY8OXmB
— Mike Pence (@Mike_Pence) July 8, 2026
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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