Stocks Dip as Iran Conflict Lifts Oil Above $90, Yields to 4.79%

US stock futures opened lower Tuesday as renewed military exchanges between the United States and Iran drove oil prices higher and pushed Treasury yields to their highest levels since January 2025. The Dow Jones Industrial Average and S&P 500 futures each fell about 0.5 percent while Nasdaq-100 contracts dropped 1 percent, according to market data cited by multiple outlets. Brent crude traded above $92 per barrel and West Texas Intermediate above $87, extending gains after US strikes on an Iranian island in the Strait of Hormuz and Iranian retaliation against US targets. The 10-year Treasury yield rose 3 basis points to 4.788 percent, its highest close since January 14, 2025, with the 30-year yield reaching 5.279 percent. The moves occurred against a backdrop of six months of conflict that has kept the Strait of Hormuz closed and sustained inflation concerns. President Trump told a Fox News reporter that the United States would “hit them hard” in response. Equity markets had entered September with double-digit year-to-date gains and rising earnings expectations, yet higher borrowing costs and volatile energy prices left investors cautious ahead of the historically weakest month for stocks. Scheduled releases this week include the JOLTS job openings report, ISM manufacturing data, and Friday’s monthly employment report. Corporate earnings from Dell and Palo Alto Networks are also due. A UBS executive noted in a client note that yield volatility is likely to persist given uncertainty over Federal Reserve policy and fiscal pressures. The G20 finance ministers’ meeting in Asheville, North Carolina, concludes later Tuesday and may provide additional signals on global coordination.