Global Markets Slide as U.S. Strikes Iran, Oil Volatility Returns, and Bitcoin Stays Under Pressure

Global markets turned risk-off after the U.S. launched strikes against Iran following the downing of a U.S. Apache helicopter near the Strait of Hormuz.

• Dow futures fell 0.3%
• S&P 500 futures slipped
• Nasdaq 100 futures dropped 0.4%

Oil remained volatile as renewed fighting raised fears of supply disruptions through the Strait of Hormuz, a route that handles around 20% of global oil shipments. Brent crude traded above $91 per barrel, while WTI crude hovered near Meanwhile, gold fell 2.1% to $4,173 per ounce, extending losses despite growing geopolitical tensions.

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In Japan, wholesale inflation accelerated to a 3-year high, with the Producer Price Index rising 6.3% year-over-year in May, exceeding forecasts of 5.5%. Markets now expect the Bank of Japan to raise interest rates from 0.75% to 1% next week.

Cryptocurrency markets also remained under pressure. Bitcoin, after suffering its worst week since the 2022 FTX collapse, remains down more than 50% from its record high of $126,000 and was trading near $61,500. U.S. spot Bitcoin ETFs have seen $5.5 billion in outflows over the past 13 trading days.

Investors are now focused on the U.S. inflation report and major corporate earnings, while geopolitical tensions continue to drive volatility across stocks, commodities, and cryptocurrencies.

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