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US Equity Markets End Lower After Trump Proposes Blockade of Iranian Ships, Toll on Strait of Hormuz
US equity indexes closed lower Monday after President Donald Trump suggested a plan to reinstate a blockade on Iranian ships and charge a toll for providing security to cargo vessels crossing the Strait of Hormuz, sending crude oil prices higher.* "We are reinstating the IRANIAN BLOCKADE," Trump said in a Truth Social post on Monday, following a weekend of attacks on Iran. He added that the US will protect vessels crossing the Strait and charge 20% of the cargo's cost as expense reimbursement.* August West Texas Intermediate crude oil rose $6.23 to settle at $77.64 per barrel, while September Brent crude, the global benchmark, was last seen up $6.90 at $82.91.* Valero Energy (VLO) stock was up 5.4%, and Phillips 66 (PSX) was 5.3% higher, among the top gainers on the S&P 500, after crude oil prices rose following clashes between the US and Iran.* Alphabet's (GOOG, GOOGL) Google is one of the biggest buyers of Nvidia's (NVDA) AI server chips, but it has also been expanding its in-house AI chip business in a move that could challenge Nvidia's dominance, The Information reported. Alphabet shares were down 1.3%, and Nvidia fell 3.5%, the worst performer on the Dow.
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Update: US Equity Indexes Slump as Trump's Plan to Reinstate Iran Blockade, Impose 20% Toll on Hormuz Cargo Sends Crude Oil Higher
(Updates with index/price moves and company/geopolitical news from the first paragraph.)US equity indexes fell after President Donald Trump said he plans to reinstate a blockade on Iranian ships transiting the Strait of Hormuz while proposing a toll for providing "safety and security" to cargo crossings in the chokepoint to about a fifth of global crude oil flows.The Nasdaq Composite dropped 1.6% to 25,875.7, with the Dow Jones Industrial Average down 0.3% to 52,500.5 and the S&P 500 lower by 0.7% to 7,521.5 ahead of Monday's close. Technology led decliners, while energy topped advancers. Chevron (CVX) was the Dow's second-biggest gainer, up 3.1%.The front-month global benchmark North Sea Brent surged 8.8% to $82.66 a barrel, and the US West Texas Intermediate soared 8.7% to $77.60 a barrel as tensions with Iran escalated at a time when Washington and Tehran ought to be engaged in negotiations to reach a final peace agreement within the 60-day period allocated for such talks as part of the June 21 interim deal."We are reinstating the IRANIAN BLOCKADE," Trump said in a Truth Social post on Monday, following a weekend of attacks on Iran."The U.S.A. will be, from this point forward, known as "THE GUARDIAN OF THE HORMUZ STRAIT," Trump said. The US "will be reimbursed, at the rate of 20% on all cargo shipped, for any and all costs necessary to do the job of providing safety and security to this very volatile section of the World."On Sunday, the US Central Command said it completed a new wave of strikes against Tehran at multiple locations, after conducting attacks a day earlier in response to the country targeting another commercial ship transiting through the Strait of Hormuz. Iran responded by targeting US military facilities in Jordan, Kuwait, Bahrain, Qatar, and Oman, according to local state media.
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Update: US Equity Indexes Drop, Crude Oil Surges as Iran Tensions Intensify
(Updates with index/price moves and geopolitical news from the first paragraph.)US equity indexes fell after crude oil prices jumped with government bond yields amid reports that President Donald Trump will reinstate a blockade on Iranian ships transiting the Strait of Hormuz.The Nasdaq Composite dropped 1.3% to 25,939.4, with the Dow Jones Industrial Average down 0.5% to 52,383.7 and the S&P 500 lower by 0.7% to 7,523.7 after midday Monday.Technology led decliners, while energy topped the gainers.US President Donald Trump said Monday that Iranian ships will no longer be able to travel through the Strait of Hormuz and that America would charge a 20% toll on eligible cargo, escalating tensions after a weekend of attacks by both nations to assert control of the critical waterway, the Associated Press reported.The US launched several waves of heavy strikes on Iran into Monday morning, hitting some 140 targets, in response to an Iranian attack on a container ship in the Strait of Hormuz, the news report said. Iran retaliated by targeting countries across the Middle East, it added.The front-month global benchmark North Sea Brent surged 5.1% to $79.92 a barrel, and the US West Texas Intermediate soared 5.1% to $75.06 a barrel.US Treasury yields rose, with the 10-year up 4.5 basis points to 4.61% and the two-year jumped 6.5 basis points to 4.27%.
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