The fragile calm between Washington and Tehran lasted about two months. It ended on June 10 when Iranian Revolutionary Guards launched strikes against a US base in Jordan and 21 additional targets across the Gulf, marking the most significant military exchange between the two nations since their April ceasefire.
US Central Command had already targeted Iranian military sites near the Strait of Hormuz around June 9-10, strikes the Pentagon classified as self-defense following the downing of an American Apache helicopter. President Donald Trump blamed Iran for the helicopter incident. Iran called its response proportional retaliation.
Futures markets react swiftly
S&P 500 futures fell approximately 0.5% in the early hours following the June 10 escalation. Nasdaq futures took a harder hit, dropping roughly 0.86%.
Oil prices climbed as traders priced in the possibility of disruptions to shipping through the Strait of Hormuz, a waterway through which about 20% of the world’s oil passes.
