President Donald Trump has threatened a forceful response to Iran's missile attack on US forces in Jordan, causing oil prices to surge 7% and stocks to sink. Oil prices jumped after Iran's Revolutionary Guards fired several ballistic missiles at a US air base and military center in Jordan, with Brent crude futures settling $6.65 higher at $90.74 per barrel.
Market Impact
The rally in oil prices accelerated after Trump promised further action against Iran, with US West Texas Intermediate crude gaining 6.56% to $84.46.
Sanctions and Crypto
The US Treasury has sanctioned two companies accused of operating an Islamic Revolutionary Guard Corps-backed maritime insurance scheme, with one of the sanctioned companies allegedly accepting Bitcoin and other digital assets to bypass Western sanctions.
Stock Market
Wall Street ended the session sharply lower, with the Dow Jones Industrial Average falling 2.14%, while the S&P 500 lost 1.50% and the Nasdaq Composite dropped 1.68%.
Bitcoin Price
Bitcoin initially fell below $64,000 following reports of the Iranian attack, but later recovered to about $64,435 after the Federal Reserve maintained its benchmark rate at 3.50%–3.75%.
