Oil markets trembled Wednesday as U.S. and Iran exchanged strikes, testing a two‑month cease‑fire. The conflict choked the Strait of Hormuz, which normally moves roughly 20% of global oil. Brent crude slipped 0.4% to $91 a barrel, while West Texas Intermediate fell 0.6% to about $88. Analysts warned volatility could persist if hostilities expand.

Equity markets reacted sharply. Futures on the S&P 500 pointed to a 0.8% slide when U.S. trading resumed, pressuring global indices. Asian bourses fell hard; South Korea’s Kospi dropped 4.5%, Taiwan’s Taiex 3.3% and Japan’s Nikkei slipped 1.9%. In Europe, the Stoxx 600 slipped 0.5%, reflecting broad risk aversion. Investors also trimmed exposure to energy‑linked equities, fearing further price swings.

Consumer fuel prices eased slightly as gasoline fell a penny to a national average of $4.15 per gallon, though the level remains 39% above pre‑war rates. Diesel slipped to $5.30, still 41% higher. The modest price pullback offers brief relief for drivers, but elevated energy costs continue to pressure corporate margins and discretionary spending. Transportation firms reported tighter margins, prompting some to delay fleet upgrades.