S&P 500 Hits Record High as US Plans Unprecedented Economic Measures Against Iran

TLDR

• Treasury Secretary Scott Bessent announced “never been seen” economic isolation measures against Iran, coming next week
• The US Navy says it can sustain its blockade of Iranian ports indefinitely
• Iran plans to join the BRICS New Development Bank as it seeks financial alternatives
• The S&P 500 closed at a record high of 7,798.99, heading for a third straight winning week
• Brent crude rose above $87 a barrel as markets tracked US tech gains

The S&P 500 closed at a record high of 7,798.99 on Thursday, while the Nasdaq Composite gained 0.81% to reach 26,803.03. This marked a third straight winning week for two of the three major US benchmarks.

Asian equities mostly followed the gains. Lower oil prices and a flat producer price inflation reading helped lift sentiment across the region.

Brent crude futures rose more than 1% to $87.95 a barrel. West Texas Intermediate also gained, reaching $82.15 a barrel.

The market gains came even as geopolitical tensions around the Strait of Hormuz remained unresolved.

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