Oil Jumps on Iran Attack, Asian Stocks Set to Drop: Marke…

On July 7, 2026, stock markets dropped amid rising tensions between the US and Iran, impacting various indices and commodities. Brent crude oil prices surged by 2.2% to $75.84 a barrel following US military actions in Iran and the revocation of an oil sales waiver. This turmoil contributed to South Korea's Kospi Index entering bear market territory. Additionally, both S&P 500 and Nasdaq 100 futures continued their declines from previous selloffs in technology stocks, while Europe’s Stoxx 600 fell for a third consecutive day due to increased energy prices driving up bond yields.

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By Andre Janse Van Vuuren and Sagarika Jaisinghani

July 7, 2026 at 6:10 PM EDT

Updated on July 8, 2026 at 3:36 AM EDT

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Stocks fell as traders navigated an escalation in tensions between the US and Iran, sending Brent crude toward its biggest two-day jump in nearly two months. South Korea’s Kospi Index entered a bear market.

S&P 500 and Nasdaq 100 futures extended losses from the previous session’s selloff in chipmakers. Brent advanced 2.2% to $75.84 a barrel after the US carried out a new round of strikes in Iran and revoked a waiver allowing sales of its oil. Europe’s Stoxx 600 fell for a third straight day as higher energy prices drove a jump in the region’s bond yields.

Read Original at Bloomberg.com →

Oil Jumps on Iran Attack, Asian Stocks Set to Drop: Markets Wrap