Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.9%), Nasdaq Composite (-1.2%), and DJIA (-0.9%) are just above session lows as the market enters the final hour of today's action.

Rising oil prices continue to be today's main drag on the market, with crude oil extending its intraday surge to settle $4.45 higher (+5.2%) at $90.28 per barrel.

President Trump said via Truth Social that the U.S. is conducting "large and powerful" strikes against Iranian targets near the Strait of Hormuz in retaliation for the Iran's attack on Jordan; adding that if Iran retaliates, "they will be hit again at a much harder and higher level, but it will not be the biggest attack of them all, that is waiting in the wings."

Iran also issued threats of retaliation, with Axios reporter Barak Ravid quoting the IRGC as saying, "A severe punishment awaits the aggressors. The United States will regret its latest attacks."