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Strait of Hormuz
The Strait of Hormuz (Fadel Senna/Getty Images)

Oil jumps, stock futures fall as tensions rise and US fires shots at Iranian ship in Strait of Hormuz

The state of the war in Iran is at its most tenuous point since the ceasefire began.

Nate Becker, J. Edward Moreno

If there’s one thing we know about the war in Iran, it’s that things can change quickly. This weekend was a perfect example.

As trading opened on Sunday evening, oil prices soared and stock futures dropped, with the situation in the Strait of Hormuz deteriorating. By 4:31 a.m. ET, Brent crude futures were up a little over 6%, leaving the international benchmark just shy of $96 a barrel, while S&P 500 futures were down 0.6%.

After a Friday where markets surged and oil prices dropped as both the US and Iran declared the strait open, American investors woke up to news on Saturday that Iran’s military said the strait had “returned to its previous state.” A UK maritime authority said it had gotten word of a tanker coming under Iranian fire near Oman. Ships were turning back.

Then on Sunday night, things got even more heated: President Trump and US Central Command said the US had opened fire on an Iranian ship that had, after hours of warnings, defied the US blockade of its ports. The US said Marines had seized the ship. The Associated Press, citing Iranian state-run media, said Iran vowed a swift response.

A US delegation led by Vice President JD Vance is reportedly still expected to resume peace talks with Iran this week in Pakistan, but today, the war appears to be at its most tenuous point since the ceasefire between the two countries was announced on April 7.

Any time this war heats up, it becomes a good time to be someone who sells oil and a bad time to be someone who buys it. This time is no different.

Oil and gas producers like Occidental Petroleum, Coterra Energy, APA Corporation, and ConocoPhillips rose in premarket trading along with oil giants Exxon and Chevron.

Meanwhile, airlines — like Delta Air Lines, United Airlines, and American Airlines — fell in premarket trading, as did cruise lines like Royal Caribbean, Carnival, and Norwegian.

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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