The S&P 500 (SPX) is trading slightly lower following reports that Iran had fired shots at a U.S. Navy ship traveling through the Strait of Hormuz. However, the U.S. Central Command quickly denied the claim, saying “No US Navy ships have been struck.”
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Trade QQQ with leverageOver the weekend, President Trump announced the launch of “Project Freedom,” a new initiative to help ships travel through the waterway safely.
Hormuz Tensions Lift Oil Prices
In response, Iran warned that any interference through Hormuz would constitute a violation of the fragile ceasefire between the two sides. Rising tensions between the two sides have led to Brent crude oil (BZ) rising by over 2% on the day.
U.S.-Iran talks remain deadlocked, with Iran’s stockpile of enriched uranium at the core of the dispute. The two sides have exchanged proposals in recent weeks, with neither willing to yield to the other’s demands.