Full Breakdown
U.S.–Iran Conflict Drives Oil Above $100, Triggering Global Market Declines
9/10/2026, 2:01:33 AM
Market Turmoil Linked to the Iran War
Wall Street opened lower on September 10, 2026 as the S&P 500 slipped 0.5 per cent, the Dow Jones Industrial Average fell 405 points (-0.8 per cent), and the Nasdaq lost 0.6 per cent. Retailers such as Amazon and Starbucks each dropped near 2 per cent, while energy stocks rose, with Exxon Mobil up 2.2 per cent and Chevron up 1.9 per cent. Australian futures pointed to a 1.1 per cent decline at the open, and the ASX was down 0.1 per cent. The Australian dollar traded at US 0.7216.
Oil Prices and President Trump’s Outlook
Brent crude rose 3 per cent to $US 100.87 a barrel, the first breach of the $100 mark since July.
Data & Statistics
- Brent crude: $US 100.87 / bbl (up 3 per cent).
- US gasoline: $US 4.22 / gal, 32 per cent higher than a year earlier.
- Diesel: $US 5.94 / gal, an all-time high.
- S&P 500: -0.5 per cent; Dow: -0.8 per cent; Nasdaq: -0.6 per cent.
- ASX futures: -1 per cent (-88 points).
- 10-year US Treasury yield: reported at 4.84 per cent by one source and 4.85 per cent by another.
- 2-year Treasury yield: 4.41 per cent.
Official Statements & Responses
The US Treasury Department announced a buyback program for up to $US 6 billion of long-term debt, an increase from an earlier $US 2 billion cap, though Treasury Secretary Scott Bessent’s plan to triple the potential buyback fell short of market expectations. The Federal Reserve continues to target a 2 per cent inflation rate, while holding rates steady amid rising Treasury yields.
Verbatim Quotes
- “Right after the election, oil prices are going to be tumbling downward,” — Donald Trump, president
- “I think the war’s going to end immediately after the election because they can’t hold out any longer,” — Donald Trump, president
- “The simplest version here is that market interventions have a long history of not working very well,” — Guy LeBas, chief fixed income strategist at Janney Montgomery
