Markets shudder as Hormuz becomes a combat zone. 'We're prepared to subject you to disabling fire'
Fortune • • general
Key Points:
- U.S. stock futures declined sharply with Dow futures down 407 points (0.82%), S&P 500 futures down 0.67%, and Nasdaq futures down 0.57%, amid escalating tensions in the Persian Gulf.
- Oil prices surged, with U.S. crude rising 7.14% to $89.94 a barrel and Brent crude up 5.9% to $95.71, while gold prices fell 1.6%.
- The U.S. Navy seized the Iranian-flagged vessel M/V Touska after it ignored warnings and attempted to evade the U.S. naval blockade in the north Arabian Sea, disabling its propulsion system and taking the ship into custody.
- Iran’s Islamic Revolutionary Guard Corps (IRGC) declared the Strait of Hormuz closed again to all vessels and warned of readiness for renewed conflict, threatening critical targets in Saudi Arabia and the UAE.
- Despite military actions, President Trump indicated openness to diplomacy by sending envoys to Pakistan to resume talks with Iran, though Tehran had not confirmed participation by Sunday evening.
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