US strikes 140 Iran targets after Hormuz ship attack sparks Gulf retaliation
Measured from 13 Jul 2026 (event start), not the 13 Jul 2026 announcement
Oil & gas producers moved +6.3%, the largest reaction measured, though not statistically significant, meaning it may reflect normal market noise rather than the event itself.
XOM, CVX, COP · up
What Happened
The United States launched a massive bombing campaign striking approximately 140 Iranian military and infrastructure targets across Iran in response to an Iranian attack on a commercial container vessel in the Strait of Hormuz that caught fire and left a crew member missing. This represents a significant escalation beyond previous rounds of tit-for-tat strikes, with the operational tempo of attacks accelerating to multiple waves within a single week. Iran responded with its own strikes against American military facilities in Kuwait, Bahrain, and Jordan, claiming an eye-for-eye retaliation. The three-week-old ceasefire agreement signed in June has effectively collapsed, with President Trump publicly declaring it over. This marks the third major round of reciprocal strikes in a single week, signaling an open conflict trajectory.
Largest single bombing operation in recent rounds; signals open conflict rather than contained tit-for-tat; confirms ceasefire collapse and increases risk of Hormuz closure or further infrastructure strikes
Strikes conducted July 12-13, 2026; escalation is real-time and ongoing with no agreed off-ramp visible
US strikes initiated on Sunday (July 12 or 13) following an Iranian attack on a container ship in the Strait of Hormuz; US Central Command confirmed approximately 140 targets were struck, with Iran retaliating on Monday July 13. The escalation is confirmed and ongoing.
Read how dates work →How To Read This
Each sector below is a basket of named stocks. The percentage shown is the move beyond the overall market (S&P 500) , what event studies call the . A move only counts as when it sits clearly outside that basket's normal weekly swings.
How Much Sectors Moved
Path over time. Click a sector in the legend to toggle it. Dashed lines mark key moments.
Oil & gas producers moved most at +6.3% against the market, the direction you would expect from a bombing. None of the moves cleared the significance threshold. Read the direction as flavour, not signal.
Volatility
Volatility measures how erratic prices became, a separate signal from the direction of the move.
Market fear eased
- Oil tanker operators54% → 32%1.7x calmer after
- Oil & gas producers29% → 28%volatility roughly unchanged
- Defense contractors33% → 16%2.0x calmer after
- Gold25% → 24%volatility roughly unchanged
- Airline stocks45% → 40%1.1x calmer after
The VIX fell 3.0 percent across the window, essentially flat. Read this as the market's demand for protection, not the direction of any single sector.
A ratio above 1.00 means the sector's daily-price swings widened after the event. Oil & gas producers became the most erratic at 0.98×, and 0 of 5 sectors traded meaningfully wider than they did before. Volatility is a separate signal from direction: a sector can end flat and still have traded wildly along the way.
Phases
| Sector | Peak Move | Peak Day | Reverted By |
|---|---|---|---|
| Oil tanker operators | +8.0% | Day 9 | Day 11 |
| Oil & gas producers | +11.5% | Day 19 | Still elevated |
| Defense contractors | -5.4% | Day 3 | Day 6 |
| Gold | +5.6% | Day 17 | Still elevated |
| Airline stocks | -13.3% | Day 4 | Day 7 |
The reaction peaked around day 10 on average. 3 of 5 sectors reverted inside the window, 2 were still elevated at the close. A reaction that reverts is a shock priced in; one that stays is a re-rating.
Historical Precedents
Companies Most Affected
Measured 35 days after the event. Full window complete.
This tool informs your decision. It does not give investment advice.