US Strikes Iranian Targets as Oil Prices Soar
US military forces launched another wave of strikes on Iranian targets near the Strait of Hormuz on Tuesday, in response to recent attacks on oil tankers. The Strait is a critical waterway for global shipping.
The US Central Command confirmed the strikes in a social media post, which followed a reported limited-strike plan aimed at stopping Iran from rebuilding radar and missile systems used to threaten shipping through the corridor.
President Donald Trump directly confirmed the retaliation on Truth Social, stating that the strikes were large and powerful, and in response to Iran's failed attempt to add sea mines to the Strait and shooting eight missiles at a US military base in Jordan. Trump warned Tehran of further consequences, saying that if Iran retaliates, they will be hit again at a much harder and higher level.
The market reacted to the news with Brent crude oil futures jumping to $95.01 a barrel, while WTI futures climbed above $90 for the first time in over a month. Defense stocks, on the other hand, slid, with Lockheed Martin (NYSE:LMT) down 3.26%, RTX Corp. (NYSE:RTX) falling 1.42%, and Northrop Grumman (NOC) declining 1.61%.