U.S. strikes Iran again and Wall Street buckles: Dow sheds 577 as oil nears $80
The ceasefire is officially dead, and crude, Treasury yields, and rate-hike odds all jumped together.
U.S. Central Command carried out what it called “a series of powerful strikes” against Iran after attacks on three commercial vessels in the Strait of Hormuz, and President Trump told the NATO summit the ceasefire is “over.” The Treasury revoked the sanctions waiver that let Iranian crude reach world markets, sending Brent up 5.4% to $78.19 and WTI up 4.4% to $73.52. The Dow fell 577 points and the 10-year yield touched 4.60%, though the Nasdaq eked out a 0.2% gain as investors sheltered in big tech.
