Iran says it hit 85 U.S. sites as oil rises and stocks fall

Iran said it struck 85 U.S. sites in Bahrain and Kuwait, Fortune reported, escalating a Gulf conflict that has rattled energy markets and sent stocks lower. The reported attacks matter because the fighting is centered near the Strait of Hormuz, a key route for oil shipments.

Fortune, citing live coverage from The New York Times, reported that Tehran announced the strikes on Wednesday after U.S. forces hit targets in Iranian coastal areas the previous day and overnight. Fortune said the U.S. attacks followed Iranian fire on three tankers in the Strait of Hormuz.

According to Fortune, Iran believed the tankers had failed to comply with its control of the passage. Kuwait, Qatar and Saudi Arabia condemned Iran for harassing their vessels, Fortune reported.

The U.S. reinstated sanctions on Iranian oil sales, according to Fortune. Iran’s foreign minister, Abbas Araghchi, said Washington was in “flagrant violation” of the memorandum of understanding, Fortune reported, citing BBC live coverage.

Oil rises as traders assess Strait risks

Brent crude rose from $72 a barrel on Tuesday to $78 Wednesday morning, Fortune reported. In its markets section, Fortune later put Brent at $77 a barrel.

Fortune said shipping through the Strait of Hormuz remained disrupted, citing a Deutsche Bank chart. The publication said the main risk is a prolonged cycle of retaliation that leaves the passage hard to use for an extended period.

Fortune assessed that the ceasefire between the U.S. and Iran had not fully collapsed. It said U.S. strikes on Qeshm Island, Bandar Abbas and Sirik, rather than Tehran or nuclear development sites, suggested the Pentagon saw room to limit the latest fighting if Iran allowed Strait traffic to resume.

The conflict is in its fourth month, according to Fortune. The publication said both Washington and Tehran would be reluctant to return to full-scale war.

Stocks fall across major markets

Equity markets fell as the fighting resumed, Fortune reported. S&P 500 futures were down 0.82% Wednesday morning after the index closed 0.45% lower on Tuesday, according to Fortune.

In Europe, the Stoxx 600 dropped 1.69% in early trading and the U.K.’s FTSE 100 was down 1.55% before lunch, Fortune reported. In Asia, South Korea’s KOSPI fell 5.35%, Japan’s Nikkei 225 lost 2.11%, India’s Nifty 50 declined 2.23% and China’s CSI 300 was down 0.77%, according to Fortune.

Gold also fell, which Fortune described as a break from its usual role as a haven asset during market stress. The continuous futures contract for gold was down 2.24% at $4,066.40 per troy ounce, Fortune reported.

Bitcoin traded at $61,900, according to Fortune. A market chart in the report was credited to TradingEconomics.com.

Trump comments from NATO summit

President Donald Trump was at the NATO summit in Ankara, Turkey, on Wednesday, Fortune reported. On the Iran ceasefire, Trump said, “as far as I’m concerned, it’s over,” while also saying negotiations would continue, according to Fortune, which cited the Financial Times.

Fortune reported that Trump criticized allies over Greenland and over what he viewed as insufficient support for U.S. attacks on Iran. The publication said European officials were frustrated because European bases had been used for strikes on Iran and European minesweeping ships had been sent to the Gulf.

Leaders from Norway and Poland said they believed the U.S. would keep troops in Europe despite Trump’s threat a day earlier to withdraw them, Fortune reported, citing the Financial Times. Britain, France and Germany pledged more than $50 billion for long-range weapons, according to Fortune.

This story draws on original reporting from Fortune.