US Strikes Iran's Qeshm Island as Oil Prices Top $100

The United States military carried out strikes on Qeshm Island in the Strait of Hormuz, causing Brent crude prices to rise 1.6% to over $100 per barrel. The attack occurred shortly after Iran signaled openness to peace talks and President Donald Trump indicated he might delay such operations until after the midterm elections.

The escalation dampened hopes for an end to the months-long conflict and triggered a decline in European equity futures, with the STOXX 600, DAX, and IBEX all slipping over 1%. The resulting volatility in energy costs led Lufthansa to trim its profit outlook.

Global markets faced additional pressure from a selloff in AI stocks and a dour gross margin forecast from Apple Inc. attributed to rising memory-chip costs. In contrast to the broader market decline, Bayer raised its 2026 profit outlook.