Friday’s euphoric rally — which pushed the S&P 500 to a record 7,125.36 (+1.2%) and sent Brent crude tumbling 8.7% to $90.71 — is being unwound after Iran re-closed the Strait of Hormuz over the weekend, citing the continued US naval blockade of its ports. Weekend futures show Brent crude surging 7.25% while the Nasdaq 100 dropped 1.01%. The US Navy seized the Iranian-flagged cargo ship Touska after firing on its engine room — the first major encounter of the week-old blockade. Iran has declared it will skip the next round of US-Iran talks in Islamabad and warned that vessels approaching Hormuz “will be considered cooperation with the enemy.” At least 135 million barrels of crude remain trapped on tankers in the Persian Gulf. ASX 200 futures point to an 82-point gain at 9,056 based on Friday’s close, but the weekend Hormuz reversal and oil spike are expected to pressure the open sharply lower.

Key Takeaways

01 The S&P 500 closed at a record 7,125.36 (+1.2%), the Nasdaq hit 24,468.48 (+1.5%) and the Dow surged to 49,447.92 (+1.8%) on Friday, capping an 11.9% three-week rally — but weekend futures show the Nasdaq 100 down 1.01%.

02 Iran re-closed the Strait of Hormuz within 24 hours of reopening it, with IRGC gunboats firing on commercial vessels and at least 13 oil tankers forced to turn back toward the Persian Gulf.

03 Brent crude plunged 8.7% to $90.71 on Friday but weekend futures surged 7.25%, with at least 135 million barrels of crude stuck on tankers in the Gulf and the energy crunch far from resolved.

04 The US Navy seized the Iranian-flagged cargo ship Touska after firing on its engine room — the first boarding of the week-old blockade — while Iran declared it has no plan to attend the next round of talks in Islamabad.

05 Netflix slumped 9.7% on below-expectation revenue growth guidance and the departure of co-founder Reed Hastings, while travel stocks (Royal Caribbean, United Airlines, Carnival) led S&P 500 gainers on Hormuz optimism.

06 ASX 200 futures closed Friday at 9,056 (+82 pts / +0.91%), but the weekend Hormuz reversal and oil spike are expected to weigh heavily on the open; the AUD led losses among risk-sensitive currencies in early Asian trading.