Why did oil prices jump to $114.44 per barrel despite U.S. efforts to reopen the Strait of Hormuz?

Oil prices jumped 5.8% to $114.44 per barrel after the UAE reported it came under attack by Iran for the first time since the April ceasefire, escalating regional tensions; this occurred amid Iran’s ongoing closure of the Strait of Hormuz—which has trapped oil tankers in the Persian Gulf—and despite President Trump’s announcement that the U.S. would guide ships through the strait, as market uncertainty about the conflict’s trajectory overrode hopes of restored flow.

What were the immediate impacts on major U.S. stock indices and key companies following the Middle East escalation?

The S&P 500 fell 0.4%, the Dow dropped 557 points (1.1%), and the Nasdaq slipped 0.2%; UPS fell 10.5% and FedEx dropped 9.1% after Amazon announced it would let major brands like Procter & Gamble and 3M use its logistics network, while Tyson Foods rose 8% after beating profit and revenue expectations, and Norwegian Cruise Line fell 8.6% due to war-driven fuel cost pressure, weakened travel demand, and internal 'execution missteps'.