Brent crude surged toward $76 a barrel after the U.S. struck over 80 targets in Iran. Washington aims to block Tehran's legal oil sales following Iranian attacks on shipping near the Strait of Hormuz. Iran has since launched counterstrikes, driving wartime volatility back into energy markets.

Equity markets reacted with broad losses. Asian tech indexes fell for a second straight day, while European stocks trended lower. U.S. futures remained flat as investors weighed geopolitical risk against macroeconomic data.

Market focus now shifts to the Federal Reserve June meeting minutes. This first set of minutes under Kevin Warsh will provide the first clear signal on whether borrowing costs will remain elevated or drop. Higher oil prices combined with tight monetary policy risk squeezing corporate margins and fueling inflation.