Key Highlights Oil prices surged past $90 per barrel following U.S. military action against Iranian targets, benefiting energy sector equities Major energy companies including Chevron, Hallib
Equity futures declined during Monday’s early session following U.S. military operations against Iran, which triggered a significant spike in crude oil prices and heightened market volatility as August drew to a close.
The military operation focused on two Iranian rocket launch sites located in the Strait of Hormuz region over the weekend. Tehran launched retaliatory strikes against American installations in the area. Brent crude advanced over 2% to surpass the $90-per-barrel threshold, with certain market data indicating prices exceeding $91.
BREAKING: US officials say Iran has launched ballistic missiles at a US airbase in Jordan in retaliation for US attacks on Iran near the Strait of Hormuz just hours ago.
This was the first known US strike in Iran since late-July and the IRGC has vowed to retaliate.
US oil…
— The Kobeissi Letter (@KobeissiLetter) August 30, 2026
Energy sector equities led premarket advances. Chevron climbed approximately 2%, while Halliburton posted increases of 2.4% to 2.5% across various trading platforms. Exxon Mobil registered gains ranging from 1.5% to 1.6%.
Occidental Petroleum advanced 1.8% with ConocoPhillips adding 1.3%. Oilfield services provider SLB increased 1.7%. Refinery operators also demonstrated strength, as Phillips 66 rose approximately 1% and Marathon Petroleum added 0.6%.
The sector-wide rally reflected market concerns regarding potential supply chain disruptions through the Strait of Hormuz, a critical passageway for international petroleum transport.
PG&E shares tumbled 10% after California state legislators rejected Governor Gavin Newsom’s wildfire liability proposal. The legislation aimed to transfer a portion of wildfire liability expenses from investor-owned utility companies to insurance providers.
Legislative negotiations collapsed in the previous week. State lawmakers expressed apprehension that the existing framework could deplete California’s wildfire liability reserve fund in the event of a catastrophic utility-sparked fire.
Edison International declined 4% on the legislative news. Sempra also experienced downward pressure, falling approximately 1%. The legislative session’s Monday deadline passed without action on the measure.
Software sector stocks faced headwinds. ServiceNow retreated 2%, while Oracle, Salesforce, and Palantir each lost roughly 1%. The iShares Expanded Tech-Software Sector ETF had posted impressive 16% gains throughout August.
Chip manufacturers demonstrated contrasting momentum. Intel climbed 1.3% and ranked as the most actively traded security in premarket activity. Nvidia advanced 0.6%. The iShares Semiconductor ETF had declined more than 3% during Friday’s session.
Strategy shares gained over 2% in early trading after Friday’s 7% decline. Bitcoin recovered to approximately $78,500 Monday morning, up from roughly $77,500 at the previous week’s conclusion.
Pinterest shares fell 2% following the company’s announcement that CFO Julia Brau Donnelly would depart to explore other professional opportunities. She will remain in her position through October 30 to facilitate a smooth transition. Vikram Naidu, Vice President of Finance, will assume interim principal financial officer responsibilities. The company clarified that the resignation was unrelated to any operational or accounting disputes.
BioMarin Pharmaceutical climbed 5% after revealing it would receive 20% royalty payments from Ascendis Pharma on sales of yuviwel, a therapeutic treatment for achondroplasia, the most prevalent form of dwarfism in pediatric patients.
Market expectations for a September interest rate increase continued gaining momentum following Federal Reserve Chairman Kevin Warsh’s remarks at the Jackson Hole symposium during the previous week.
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