Oil rises after U.S. strikes Iran as NATO leaders meet in Ankara

Oil prices rose in early trading after the U.S. launched what it described as powerful strikes against Iran, while U.S. and European equity futures were little changed as investors weighed the risk of wider disruption in the Strait of Hormuz, CNBC reported. The move came as NATO leaders meeting in Ankara sought to demonstrate higher European defense spending while President Donald Trump threatened to withdraw U.S. troops from Europe.

The U.S. military said it acted against Tehran after Iranian missiles hit a number of commercial ships in the Strait of Hormuz, a key transit route for global energy flows, according to CNBC. The U.S. Treasury Department also revoked its authorization for Iranian oil sales following the attacks.

A U.S. official, speaking to CNBC on condition of anonymity to discuss private talks, said Iran would benefit only if it showed “good behavior.” The official said Iran’s actions in the Strait were “wholly unacceptable to the United States” and would bring consequences.

Market reaction was uneven. CNBC reported that U.S. and European futures were little changed in early trade, while Asia-Pacific stocks broadly declined. Oil markets moved higher as traders assessed whether military action and sanctions measures could affect supply routes.

NATO spending push meets Trump pressure

At the NATO summit in Ankara, leaders from the alliance’s 32 member states, along with partners including Ukraine, gathered to discuss defense spending targets, military production and support for Kyiv. European governments used the meeting to showcase billion-dollar procurement deals with major defense contractors, CNBC reported.

The spending push is part of an effort to show progress toward a 5% of GDP defense commitment. NATO Secretary General Mark Rutte said the alliance was making progress in “shifting the burden” for Europe’s defense away from the United States, according to CNBC.

Trump, however, renewed pressure on allies during the summit. He said, “We could remove all our soldiers out of Europe,” CNBC reported. He also repeated his view that Greenland “should be controlled by the United States, not by Denmark,” reviving a dispute that European leaders had hoped had faded earlier in the year.

Ukraine remained high on the agenda after a new wave of attacks between Kyiv and Moscow. Finnish President Alexander Stubb told CNBC that Ukraine was already winning the war by preserving its sovereignty for more than four years. Swedish Prime Minister Ulf Kristersson told CNBC that “time is not on Russia’s side right now.”

European political risks return

In France, Marine Le Pen said she would run for president in 2027 after an appeals court shortened her ban from public office, CNBC reported. Le Pen has been sentenced to a three-year jail term, with two years suspended and one year to be served with an electronic ankle tag.

In the U.K., Reform UK leader Nigel Farage resigned as a member of parliament, triggering a special election that he plans to present as a “people versus the establishment” contest, according to CNBC. The report said rival parties including Labour, the Conservatives and the Liberal Democrats said they could not field candidates against him, a scenario that could blunt the political impact of a win.

Stellantis opens U.S. orders for Topolino

Separately, Stellantis said it had opened U.S. ordering for the Fiat Topolino electric vehicle, with a starting price of $13,995. The company described the Topolino as an all-electric quadricycle, closer in function to a golf cart than a conventional small car.

Stellantis said the vehicle can travel up to 19 miles per hour and has an electric range of as much as 46 miles. The automaker said a low-speed vehicle conversion kit can raise the top speed to 25 miles per hour, making it street legal on roads with speed limits of 35 miles per hour or less.

This story draws on original reporting from CNBC.