finance
U.S. Forces Conduct Five Rounds of Strikes Near Strait of Hormuz
U.S. forces carried out five rounds of attacks in the past week, including three in the last 24 hours. Oil futures rose 3.2 percent while U.S. stock futures declined less than half a percent.
Jul 12, 7:09 PM·1m read3 sources
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U.S. forces carried out five rounds of attacks in the past week near the Strait of Hormuz, including three rounds in the last 24 hours. The latest strikes followed an Iranian missile and drone attack on a commercial ship. U.S. forces intercepted the incoming weapons and later struck Iranian missile systems, air-defense sites, and small boats.
U.S. stock futures fell modestly on Sunday. Dow Jones industrial average futures dropped 100 points, or 0.19 percent. S&P 500 futures declined 0.27 percent and Nasdaq futures fell 0.48 percent. Oil prices rose. U.S. crude futures increased 3.2 percent to $73.70 a barrel. Brent crude also climbed 3.2 percent to $78.45 a barrel. Gold futures dropped 0.7 percent to $4,085 per ounce.
Iran has attacked commercial ships that do not use a corridor it controls along its coast. The U.S. has established an alternate corridor near Oman and says freedom of navigation must be restored. Since early May, U.S. forces have escorted more than 800 commercial vessels carrying 400 million barrels of crude oil through the strait.
Iran has also launched attacks on Bahrain, Kuwait, Qatar, Jordan, and Oman. A former White House energy adviser said traders believe the worst of the conflict is over and that markets have shown little reaction to developments since April.
