Updated

Iran said it struck American vessels and oil tankers in the Strait of Hormuz in retaliation for earlier U.S. strikes, marking a sharp escalation in the military confrontation between Washington and Tehran. President Trump initially insisted oil prices would fall quickly once the situation stabilized, but the standoff has instead kept traders on edge over potential disruptions to one of the world's most critical oil chokepoints. New market data shows equities coming under pressure as crude oil prices rise in response to the escalating conflict, with investors weighing the risk of further supply disruptions against the administration's public reassurances. The renewed volatility in oil markets underscores how quickly the Hormuz standoff is spilling over into broader financial markets beyond the energy sector.