Oil Spikes as U.S. Revokes Iran Sales Waiver; Chip Selloff Weighs on Stocks
Hyperdash NewsMacroU.S. stocks closed lower as an energy spike and a semiconductor selloff pressured equities. The S&P 500 slipped to 7,504, down -0.45%, after the Treasury revoked a license allowing sales of Iranian Crude, sending oil sharply higher and lifting volatility.
Scoreboard
- S&P 500 7,504 (-0.45%)
- Euro Stoxx 50 6,320 (-1.22%)
- Nikkei 225 68,257 (-2.12%)
- Gold 4,126 (-1.01%)
- WTI 71.87 (+4.84%)
- US 10Y 4.545% (+7bp)
- DXY 101.0550 (+0.20%)
- Bitcoin 63,823 (+0.39%)
- VIX 16.14 (+3.66%)
- DE 10Y 3.009% (-1bp)
Crude surged after the U.S. revoked the waiver permitting sale of Iranian oil, a move that followed reported tanker attacks. WTI jumped to 71.87, up +4.84%, and Brent climbed to 75.66, up +5.10%. The Nasdaq fell -1.16% to 25,819 as chip stocks sold off after Samsung earnings missed a high bar for artificial-intelligence demand. The VIX jumped +3.66% to 16.14, with wires also citing a report on changes to Russia's nuclear doctrine as a risk-off driver. Treasury yields rose, the ten-year at 4.545%, up +7bp, while the dollar firmed.
Key headlines
- US Revokes Waiver Allowing Sale of Iranian Oil
- US Revokes Iran Oil Sales Waiver, Crude Spikes
- US Treasury Revokes License for Iranian Crude Oil Sales
- U.S. revokes Iran oil sales authorization after tanker attacks
The takeaway
The session showed geopolitics and rates working against equities at once. The revoked Iran waiver lifted Crude and Treasury yields together, an unusual pairing that squeezed both energy-sensitive costs and rate-sensitive valuations, leaving the chip-heavy Nasdaq the day's clear underperformer.
Attention turns to whether the loss of Iranian barrels tightens supply further, and to the fallout from Samsung's results ahead of Nvidia's report. Traders are also watching the reported shift in Russia's nuclear doctrine and the path of Treasury yields for direction across risk assets.
View the S&P 500 chart and data on Hyperdash
Frequently asked questions: July 7, 2026
What happened in the markets today?
U.S. stocks closed lower as oil spiked after the U.S. revoked a waiver allowing sales of Iranian Crude. WTI jumped to 71.87 and Brent rose to 75.66, while the S&P 500 slipped -0.45% and the VIX jumped +3.66%.
Did the stock market go up or down today?
Down. The S&P 500 fell -0.45% to 7,504 and the Nasdaq dropped -1.16% to 25,819, with a semiconductor selloff leading declines. Overseas, the Euro Stoxx 50 and Nikkei 225 also finished lower.
Why did markets move today?
The U.S. revoked a license permitting Iranian oil sales, spiking Crude, while chip stocks sold off after Samsung earnings missed high AI expectations. A wire report on changes to Russia's nuclear doctrine added to risk-off sentiment.
How did the S&P 500 do today?
The S&P 500 edged lower to 7,504, down -0.45%, pressured by a chip selloff, an oil spike and rising Treasury yields.
What did the dollar and Treasury yields do today?
The dollar firmed, with the DXY up +0.20% to 101.0550, and Treasury yields rose, the ten-year note at 4.545%, up +7bp.
Where can I track live market data across asset classes?
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