🇺🇸🇮🇷 Looks like nothing perks the dollar up quite like a war restarting.
The greenback had slumped to a 10-day low after the Fed held rates in a messy 9-3 vote, with Chair Warsh refusing to tip his hand on whether a hike is coming.
Then the U.S. resumed strikes on Iran, and the dollar clawed it all back, nudging up to 101.
The 30-year Treasury yield spiked to its highest in almost 20 years.
The pound and euro slipped ahead of the Bank of England. Bitcoin held near $64,000.
Traders now see a 1-in-3 chance the Fed hikes in September.
The world's reserve currency, apparently allergic to peace.
🚨🇮🇷 🇺🇸 Tonight's American strikes reportedly hit NINE Iranian cities, with Khuzestan's oil belt taking the heaviest share.
-The preliminary reported target list runs across four provinces: Khorramshahr, Abadan, Bandar-e Mahshahr and Ahvaz in Khuzestan, Nurabad in Fars, Bushehr, plus Qeshm Island, Bandar Abbas and Sirik in Hormozgan
-Four of the nine sit in Khuzestan, the province holding most of Iran's onshore oil and refining, with Abadan and Mahshahr both major energy hubs
-The Hormozgan names are the campaign's familiar ground, the naval base at Bandar Abbas and the coastal radar and missile sites watching the strait
-CENTCOM launched the wave at 8 p.m. ET, calling it "a powerful response" to Iran's attacks on U.S. forces, without naming locations
Everything here is preliminary and unconfirmed, and no damage assessments have surfaced yet.
🇺🇸🇮🇷🇷🇺 America's strategic oil reserve hit its lowest level since 1983, as Iran war drains the last of the buffer.
That big cliff on the chart? It hit a few years back under President Biden.
They drained nearly 300M barrels from the SPR between 2021/23, the largest release in history, mostly to try to juice gas prices after Russia’s Ukraine invasion, plus a bunch of mandatory congressional sales.
It cratered the reserve from over 600 million barrels down to the 350s, levels not seen since the 1980s.
Those past decisions left the tank half-empty heading into 2026...
Now, with the Iran war disrupting supply, the Trump admin has had to release another 172 million barrels just to keep markets from completely freaking out.
That’s why the U.S. is sitting at ~315 million barrels, the absolute lowest since 1983, with almost no emergency buffer left when people actually need it most.
🚨BREAKING: $1 Trillion erased from US stocks in 30 minutes after the US 30-year Treasury yield hit a 19-year high of 5.2%, the highest level since 2007.