[Stay on top of transportation news: Get TTNews in your inbox.]
Oil Prices Resume Climb on Doubts About Hormuz Reopening
Brent Crude Rises 2.7% to $93.89 a Barrel
| Updated:
Key Takeaways:
- Oil prices tick up after rising and then falling the day before.
- Oil is uncertain after the U.S. military launched attacks against Iran following the crash of an Army helicopter near the Strait of Hormuz that Trump blamed on Tehran.
- On June 9, Wall Street’s benchmark S&P 500 fell 0.3% to 7,386.65.
NEW YORK — Technology stocks are continuing to fall on June 10, and the S&P 500 index is on track for its first back-to-back drop in three weeks.
Keeping things uncertain are continued swings for crude oil prices, which have been rising and falling with hopes that the United States and Iran can reach a deal to reopen the Strait of Hormuz to oil tankers.
The price for a barrel of Brent crude oil rose 2.7% to $93.89 a barrel after President Donald Trump warned Iran would “pay the price” for stalled negotiations between the two on their war.
The main measure of Wall Street’s health slipped 0.6%. The Dow Jones Industrial Average was down 314 points, or 0.6%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.8% lower.
The U.S. military launched attacks against Iran following the crash of an Army helicopter near the Strait of Hormuz that Trump blamed on Tehran.
The latest flaring of fighting again dimmed hopes for progress toward a permanent end to the war, which has lasted more than three months and roiled markets already wavering from spates of heavy selling of stocks in companies linked to the boom in artificial intelligence.
U.S. Central Command (CENTCOM) forces began launching self-defense strikes against Iran at 5 p.m. ET today at the Commander in Chief’s direction, in response to yesterday’s downing of a U.S. Army Apache helicopter. The mission is a proportional response to unjustified Iranian… — U.S. Central Command (@CENTCOM) June 9, 2026
More drops for stocks swept up in the artificial intelligence boom dragged indexes lower. After roaring to records and pulling the market up with them, AI stocks took a sudden turn lower last week. Among the worries is that their prices have simply shot too high, too fast.
Super Micro Computer, which sells AI servers, tumbled 13.5% after saying it plans to raise $7 billion in cash by selling shares of stock and convertible preferred stock. Such moves raise the most money for companies when their stock prices are high, and they can dilute the ownership stakes of existing shareholders.
Micron Technology fell 2.8%, chipping more away from its tremendous gain for the year so far. A week ago, the computer memory maker’s stock was up nearly 280%. Now, its year-to-date gain is down to 218.2%.
U.S. tech stocks had appeared to be heading for even sharper losses early June 10, based on futures contracts, but an update on U.S. inflation that arrived an hour before trading began helped pare the losses.
Benchmark U.S. crude was 0.1% higher at $88.31 per barrel.
The report said inflation accelerated to its highest level in three years, but that was exactly what economists had forecast. An important underlying measure of inflation, meanwhile, slowed by slightly more in May from April than economists expected.
That helped Treasury yields ease a bit in the bond market, which in turn relaxed some of the pressure that’s built up on the stock market.
High bond yields can slow entire economies and undercut prices for all kinds of investments, including stocks and cryptocurrencies. They particularly hit investments seen as the most expensive, and some critics are calling AI a bubble where investment inflated too far.
The yield on the 10-year Treasury edged down to 4.52% from 4.53% just before the inflation report’s release. The two-year Treasury yield, which more closely tracks expectations for what the Federal Reserve will do with its overnight interest rates, eased to 4.11% from 4.13% just before the report.
Traders have been building bets recently that the Fed will have to hike its main interest rate at least once this year, given how high inflation is and how strong the U.S. job market remains. The June 10 inflation update caused them to trim their bets, but only by a smidgen, according to data from CME Group.
Brian Antonellis of Fleet Advantage discusses how fleet leaders should be thinking about capital planning with the 2027 NOx emissions rules on the horizon. Tune in above or by going to RoadSigns.ttnews.com.
In stock markets abroad, indexes in Europe pared their losses following the update on U.S. inflation. In Asia, the losses were sharper.
South Korea’s Kospi dropped 4.5%, hurt by losses for tech giants Samsung Electronics and SK Hynix.
Tokyo’s Nikkei 225 sank 1.9% after data showed Japan’s producer price index, a measure for prices at the wholesale level, rose in May at the fastest pace in more than three years. Shares of technology and telecommunications giant SoftBank Group, which has a strong AI focus, lost 8.3%.
AP Business Writers Chan Ho-him and Matt Ott contributed to this report.
