Overview
- The 60-day U.S.-Iran memorandum expired on Monday and Washington said it would not extend the truce, with President Trump warning of military action against Oman if it obstructs U.S. aims.
- U.K. maritime authorities reported a cargo ship transiting the Strait of Hormuz was struck by an unidentified projectile, causing engine-room damage and a crew casualty.
- Brent crude jumped to about $90–$91 per barrel and U.S. WTI rose to the mid-$80s while the U.S. 30-year Treasury yield climbed to roughly 5.32–5.33% and 10-year yields sat in the mid-4% range.
- U.S. stock futures and major indices fell, with technology and semiconductor names hit hardest as higher oil and longer-term yields reduced the appeal of growth stocks.
- Traders trimmed odds of a September Fed hike but rising long-term yields amplify the chance of tighter policy later in the year and raise inflation and borrowing-cost risks for consumers, companies and emerging markets.