Nasdaq tipped to fall as oil prices rebound on fresh US-Iran fighting

• WTI crude rose 3.5% to $73.94 a barrel, briefly trading above $75, after the US confirmed military strikes aimed at reducing Iran's ability to attack commercial shipping in the Strait of Hormuz
• Asian technology stocks were hit hard, with South Korea's Kospi plunging nearly 9% and SK Hynix down 13%, while Japan's Nikkei lost 1.9%
• Investors await Tuesday's US inflation report and Fed chair Kevin Warsh's testimony to Congress, with higher energy prices raising doubts about policymakers' comfort with inflation data

Market Summary: Nasdaq Tipped to Fall on US-Iran Tensions and Rising Oil Prices

Market Overview:

US stock futures opened lower on Monday, July 13, 2026, despite positive momentum from the previous week. Nasdaq futures fell 1.0%, S&P 500 futures declined 0.4%, and Dow Jones futures dropped 0.1%. Last week, the S&P 500 gained over 1%, the Nasdaq rose 0.9%, and the Dow added 0.4%.

Key Driver - Geopolitical Tensions:

Oil prices surged following confirmation of fresh US military strikes on Iran targeting Tehran's capability to attack commercial shipping in the Strait of Hormuz. WTI crude jumped 3.5% to $73.94 per barrel, briefly exceeding $75 earlier. Iran warned the ceasefire was in a "crisis phase" and threatened to abandon agreements if US commitments weren't met.

Global Market Impact:

Asian technology stocks suffered significant losses. South Korea's Kospi plummeted nearly 9%, with SK Hynix dropping 13%. Japan's Nikkei fell 1.9%. European markets remained roughly flat, with London's FTSE 100 down 0.3%, while German and French benchmarks were unchanged.

Upcoming Catalysts:

Investors are focused on Tuesday's US inflation report and Federal Reserve Chair Kevin Warsh's Congressional testimony. While economists anticipate slight easing in headline inflation, elevated energy prices have raised concerns about the data's interpretation. Major US bank earnings reports also begin tomorrow, marking the start of earnings season.

Market Implications:

Rising oil prices pose headwinds for technology stocks and could complicate the Federal Reserve's monetary policy decisions, particularly if higher energy costs sustain inflationary pressures.