Stock market today: Dow, S&P 500, Nasdaq futures slip as Iran and the US ramp up Hormuz aggression

Bloomberg reports:

Oil jumped following renewed clashes between US and Iranian forces, jeopardizing the outlook for a deal to end the 10-week war.

Brent (BZ=F) rose as much as 2.9% toward $103 a barrel before paring gains, while West Texas Intermediate (CL=F) was near $96. US forces struck military targets in Iran after the country fired on three Navy destroyers sailing in the Strait of Hormuz, US Central Command said. Still, the command added that it “does not seek escalation,” although it remained ready to protect American forces.

President Donald Trump said the three warships had successfully exited the waterway, and were undamaged following the attacks, according to a social-media post. On Iran, he added: “We’ll knock them out a lot harder, and a lot more violently, in the future, if they don’t get their Deal signed, FAST!”

The oil market’s focus remains on the strait, which has been effectively closed since the war began at the end of February. That’s triggered an unprecedented supply shock, with flows of crude choked off and wells across the region shut in. The waterway faces a double blockade, with Tehran obstructing traffic, while US prevents ships calling at or leaving Iranian ports.

Read more here.