June S&P 500 E-Mini futures (ESM26) are trending down -0.05% this morning as oil prices and bond yields climbed after the U.S. and Iran exchanged heavy fire in the Persian Gulf.
The price of WTI crude climbed over +2% on Wednesday amid skepticism over the prospects of a U.S.-Iran peace deal and as renewed fighting erupted in the Middle East. The U.S. Central Command said in a post on X that American forces successfully intercepted Iranian ballistic missiles and drones, and conducted self-defense strikes on Qeshm Island in response to attempted attacks by Iran across the Middle East. Iran’s attacks followed a U.S. strike on an empty oil tanker that the U.S. said was attempting to breach its blockade. Meanwhile, the Trump administration said the ceasefire between the U.S. and Iran remains in place.
