Oil Jumps 2% After US Strikes 2 Rocket Launchers on Iran's Larak Island
Updated
Updated · CNBC · Aug 30
Oil Jumps 2% After US Strikes 2 Rocket Launchers on Iran's Larak Island
3 articles · Updated · CNBC · Aug 30
Summary
$85.14 U.S. crude and $89.90 Brent marked early gains after U.S. Central Command confirmed strikes on two rocket launchers on Iran's Larak Island.
Stock futures barely moved despite the attack, with Dow, S&P 500 and Nasdaq-100 futures each down about 0.1% late Sunday.
August still left Wall Street on track for gains: the Dow was up 2.1%, the S&P 500 3% and the Nasdaq Composite 4%, led by a nearly 6% rise in tech.
Inflation fears and elevated long-end Treasury yields kept trading choppy, while Fed Chair Kevin Warsh's hawkish comments increased expectations of a 25-basis-point September hike.
Friday's August jobs report, along with manufacturing and services data this week, will test whether strong markets can withstand higher rates and Middle East tensions.