Dow futures slide 200 points as oil rises following U.S. bombing of Iran: Live updates

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City on June 18, 2025.
Timothy A. Clary | Afp | Getty Images
Stock futures fell ahead of Monday's session after the United States entered Israel's war against Iran over the weekend by striking three nuclear sites, a move by President Donald Trump that raised oil prices and risked a bigger conflict in the Middle East.
Futures tied to the Dow Jones Industrial Average fell by 159 points, or 0.4%. S&P 500 futures shed 0.4% and Nasdaq 100 futures lost 0.5%.
The U.S. launched attacks Saturday at Iranian sites in Fordo, Isfahan and Natanz, surprising investors who were expecting more diplomacy to possibly take place after Trump said on Friday that he would make a decision to attack Iran "within the next two weeks," according to the White House.
Oil prices have already spiked in recent weeks following the increased tensions in the Middle East. On Sunday night, U.S. crude oil futures rose another 3.8% to nearly $77 a barrel.
"When you have conflict, you have an overreaction — a knee jerk reaction — which tends to be an exaggeration, that can last up to two to three weeks," said Jay Woods, chief global strategist at Freedom Capital Markets. "With Ukraine, the S&P 500 sold off 6% and oil spiked dramatically."
Trump said in a Saturday evening speech from the White House after the attacks, that "there will be either peace, or there will be tragedy for Iran far greater than we have witnessed over the last eight days."
Now traders braced for Iran's retaliation. The country could target U.S. personnel in nearby bases or close the Strait of Hormuz, which would majorly disrupt global oil flows. A prolonged blocking of the strait could boost oil prices above $100 per barrel. In a Sunday interview, with Fox News, U.S. Secretary of State Marco Rubio called for the Chinese government to step in and prevent Iran from closing the key trade route. China remains Iran's most important oil customer.
"Now with the US fully engaged in the conflict, the baseline for oil prices has shifted to the mid $80s range per barrel entering stage two from one-side regional conflict to US managed conflict," said Ahmad Assiri of Pepperstone. "Even if Iran doesn't physically close the strait or attack oil tanks, the mere increase in probability from about 5% to around 15% will itself create a premium in crude prices."
The S&P 500 lost 0.15% last week for its second negative week in a row. Despite this soft patch, the benchmark closed Friday about 3% from a record. The spike in oil prices and a greater war in the Middle East adds another threat to the stock market and the economy, already dealing with a rushed remaking of global trade by Trump this year.

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San Francisco Chronicle​

24 minutes ago

• San Francisco Chronicle​

NATO leaders are set to agree a historic defense spending pledge, but the hike won't apply to all

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Boston Globe

31 minutes ago

• Boston Globe

Alarm grows after the US inserts itself into Israel's war against Iran. Follow live updates.

UN nuclear agency says significant damage expected at Iranian underground site — 5:09 a.m. .cls-1{clip-path:url(#clippath);}.cls-2,.cls-3{fill:none;}.cls-2,.cls-3,.cls-4{stroke-width:0px;}.cls-5{clip-path:url(#clippath-1);}.cls-3{clip-rule:evenodd;} Link copied By the Associated Press The head of the United Nations' nuclear watchdog said Monday that 'very significant damage' is expected at Iran's underground facility at Fordo after a U.S. airstrike there this weekend with sophisticated bunker-buster bombs. Advertisement Rafael Mariano Grossi, the head of the International Atomic Energy Agency, made the statement in Vienna. Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up 'Given the explosive payload utilized and the extreme vibration sensitive nature of centrifuges, very significant damage is expected to have occurred,' Grossi said. 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Pakistan condemns Trump for bombing Iran after recommending him for a Nobel Peace Prize — 1:15 a.m. .cls-1{clip-path:url(#clippath);}.cls-2,.cls-3{fill:none;}.cls-2,.cls-3,.cls-4{stroke-width:0px;}.cls-5{clip-path:url(#clippath-1);}.cls-3{clip-rule:evenodd;} Link copied By the Associated Press Pakistan condemned President Trump for bombing Iran, less than 24 hours after saying he deserved a Nobel Peace Prize for defusing a recent crisis with India. Relations between the two South Asian countries plummeted after a massacre of tourists in Indian-controlled Kashmir in April. The nuclear-armed rivals stepped closer to war in the weeks that followed, attacking each other until intense diplomatic efforts, led by the US, resulted in a truce for which Trump took credit. 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Yahoo

32 minutes ago

• Yahoo

Major U.S. banks poised for massive shift in approach toward cryptocurrency: 'Defend your right to buy'

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