U.S.-Iran strikes and tariffs rattle markets as Madison protests grow

Oil prices jumped to a six-week high as fresh U.S. strikes on Iran rattled energy markets and revived fears that shipping through the Strait of Hormuz could be disrupted. Traders were already watching reduced transits through the narrow waterway after U.S. and Iranian attacks spread across the Gulf, with crude supply, the dollar and broader risk sentiment all moving back onto the market’s front line.

The pressure widened when Donald Trump imposed new double-digit tariffs on 60 countries under a forced-labor provision, with existing 10 percent levies set to expire. The move followed a broader trade pattern in his second administration, after steep tariffs had already been imposed on Canada, Brazil, India and Taiwan.

In Madison, Wisconsin, the fallout from a police killing added another layer of tension. Corey Ruiz was shot and killed by a Madison police officer on the city’s near east side on July 22 during an altercation, and video of the killing sparked protests. A vigil drew a crowd to Williamson Street and South Baldwin Street, where a makeshift memorial formed at the shooting site.

City officials postponed a listening session because of the vigil, and the Wisconsin Department of Justice’s Division of Criminal Investigation took over the case as Madison police said the department would cooperate with state investigators.