The S&P 500 (SPX) opened Friday in positive territory after President Trump claimed in a virtual meeting with G7 leaders that Iran “is about to surrender.” He added that the U.S. has eliminated so many of Iran’s leaders that there is no one left to “announce surrender.”
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New trading tool for QQQ bullsThis morning, U.S. Secretary of Defense Pete Hegseth said that Iran’s missile volume has plummeted by 90% and that the U.S. would continue to intensify its strikes.
Iran Holds Firm as Strait of Hormuz Shutdown Squeezes Oil Supply
Despite Trump’s claims, Iran has shown little indication of backing down. Earlier this week, Iran’s newly appointed supreme leader, Mojtaba Khamenei, vowed to keep fighting while keeping the Strait of Hormuz closed.
The passageway, which handles 20% of global oil flows, has emerged as a major point of leverage for Iran. Traffic at the strait has effectively been wiped out as ships avoid the area for fear of being targeted by Iran. That has led to an oil supply crunch, with gas prices rising sharply since the beginning of the conflict.