The Dow Jones Industrial Average prices the war last

The Dow Jones Industrial Average slid nearly 260 points, settling below 53,500, or about half a percent lower. The highest price of the day was matched at opening, while the lowest was reached in the 53,400 range later that day. A senior Iranian official suggested Iran might shift from a defensive stance to an offensive one if negotiations failed, potentially escalating tensions in the Strait of Hormuz and the wider region.

Tehran's foreign ministry argued the two-month window was never part of the agreement and held no special significance, despite the significant volume of vessels passing through the waterway. Crude oil prices rose around 3%, with West Texas Intermediate and Brent crude both above $83.00 and $88.00, respectively. Major American refiners experienced record levels, with Valero, Marathon Petroleum, and Phillips 66 all at their best in recent years.

The data supported the strong manufacturing survey released earlier in the week, while the Federal Open Market Committee's minutes from their July meeting were published later in the day. The index is expected to face resistance near 53,500 and support around 53,400, with deeper support at 53,200 and 53,000. The Dow Jones Industrial Average is comprised of the 30 largest and most influential companies in the US, weighted by price rather than market capitalization.