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Oil prices moved sharply higher on Wednesday after the United States launched new military strikes against Iran in response to attacks on three commercial vessels in the Strait of Hormuz. WTI crude rose nearly 3% to around $72.50 per barrel, while Brent crude climbed to approximately $76.20
Markets are now increasingly concerned that renewed Middle East tensions could keep oil prices elevated, fuel inflation, and push the Federal Reserve toward a more hawkish monetary policy. These fears also lifted U.S. Treasury yields as investors reassessed the inflation outlook.
U.S. stock futures were little changed on Wednesday as investors assessed escalating tensions in the Middle East and rising oil prices ahead of the release of the Federal Reserve’s June meeting minutes. Dow futures slipped slightly, while S&P 500 futures were flat and Nasdaq 100 futures edged higher.
Asian markets mostly declined, led by losses in South Korea and Japan, although Hong Kong and mainland Chinese equities outperformed.
On Wall Street, Tuesday’s session saw investors rotate out of AI-related technology stocks, dragging the Nasdaq lower, while the Dow Jones also retreated after reaching a new intraday record.
Attention now turns to the release of the FOMC minutes, which investors hope will provide greater clarity on the Federal Reserve’s outlook after policymakers kept interest rates unchanged but signaled that further rate hikes could be considered if inflation remains elevated.
Gold prices posted modest gains on Wednesday, recovering above the $4,100 level after two consecutive days of declines, as the U.S. dollar paused.
Markets now expect the Federal Reserve to maintain a higher-for-longer interest rate stance, with traders pricing in more than an 80% chance of at least one 25-basis-point rate hike by year-end. Rising U.S. Treasury yields have also supported the dollar, limiting gold’s upside despite the current rebound.
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