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MSCI’s global equities gauge slipped on Tuesday while U.S. crude traded above $115 a barrel as investors waited for the outcome of the standoff between the United States and Iran. Iran showed no sign of accepting President Donald Trump’s demand to open the Strait of Hormuz by the end of the day, keeping markets on edge.
The conflict has already intensified risk aversion across asset classes, with Wall Street lower and European shares also under pressure. Traders said uncertainty over whether the confrontation will ease or escalate was keeping many investors on the sidelines, as they weighed the chance of a sudden resolution against the risk of a deeper shock.
Iran has effectively closed the Strait of Hormuz since the start of the war in late February, and Iranian media said strikes had intensified, hitting railway and road bridges, an airport and a petrochemical plant. Trump has threatened to destroy Iranian power plants and other key infrastructure if Tehran does not meet his deadline, raising fears of a wider hit to energy supply.
Oil prices rallied as the closure persisted and strike intensity increased. U.S. crude rose 3.02% to $115.81 a barrel after touching $117.63, while Brent traded at $110.14 a barrel, and the move fed concerns about inflation and a potential slowdown in the global economy.
The market response has also shifted the rate outlook, with traders no longer pricing in any U.S. Federal Reserve rate cuts this year. The dollar hovered near its highest level in almost 11 months as investors paused ahead of Trump’s deadline, underscoring how the conflict is spilling from energy markets into currencies and bond expectations.
