CNBC — 2026-07-13#

Lead Story#

Global markets were jolted after the U.S. and Iran exchanged military strikes over the weekend, prompting President Donald Trump to reinstate a blockade on Iranian shipping in the Strait of Hormuz. Trump also demanded a 20% toll on all cargo shipped through the critical waterway to reimburse the U.S. military for protection, sparking fears of a massive disruption to global energy supplies.

Markets & Economics#

The geopolitical escalation in the Middle East sent oil prices surging, with Brent crude advancing 5.3% to $80 per barrel and West Texas Intermediate jumping 5.3% to $75.18. While energy stocks gained on the Trump proposes 20% toll on cargo through Strait of Hormuz; restarts Iran blockade news, broader markets slipped and tech stocks faced intense pressure. SK Hynix shares tumbled over 10% in Seoul following a stellar Nasdaq debut, dragging down Asian semiconductor peers and U.S. futures. Meanwhile, Federal Reserve Governor Christopher Waller cautioned that the central bank shouldn’t “fight the last war” on inflation, keeping the possibility of near-term rate hikes alive ahead of Tuesday’s crucial Consumer Price Index report. For a broader perspective on market resilience, watch We remain very constructive on both the U.S. economy and the markets: State Street’s Yie-Hsin Hung. Former envoy Amos Hochstein also weighed in on the diplomatic fallout in Amos Hochstein on U.S.-Iran war: We’re seeing the consequences of a hurried deal.