02:03 PM EDT, 06/10/2026 (MT Newswires) -- (Updates with latest market prices and developments.)

US benchmark equity indexes were lower intraday and oil prices jumped as tensions between Washington and Iran re-escalated, while traders assessed the latest inflation report.

The Nasdaq Composite was down 1.2% at 25,384.3 after midday Wednesday, while the Dow Jones Industrial Average fell 1.3% to 50,238.6. The S&P 500 shed 0.9% to 7,318.4. Among sectors, industrials saw the steepest decline, while energy paced the gainers.

West Texas Intermediate crude oil was up 3.7% at $91.44 a barrel, while Brent rose 3.1% to $94.30.

Iran will have to "pay the price" for taking too long to agree to a peace deal, US President Donald Trump said in a social media post Wednesday.

The US will resume attacks on Iran Wednesday, CNN reported, citing Trump.

US forces launched airstrikes Tuesday against Iran after Tehran shot down an American Apache helicopter, Central Command said. Iran launched retaliatory strikes on American military bases across Jordan, Kuwait, and Bahrain, media reports showed.

"With no imminent deal in sight and with the global oil market tightening significantly every day, we see upside to prices, particularly if these disruptions linger into the third quarter, a period of seasonally stronger oil demand," ING Bank said in a report Wednesday.

US Treasury yields were higher intraday, with the 10-year rate up 1.6 basis points at 4.54% and the two-year rate rising one basis point to 4.13%.

In economic news, US annual inflation accelerated to the highest in about three years last month, fueling expectations that the Federal Reserve will keep interest rates on hold for some time.

"The effects of the Iran war continued to surface in May, TD Economics said in a note. "While still relatively contained, cost pressures are starting to be felt beyond just higher prices at the pump, with airfares up over 8% since the start of the war, which is coming atop lingering tariff price effects and still elevated services (ex. shelter) inflation."

Markets widely expect the Fed to leave interest rates unchanged next week, which would mark its fourth straight pause, according to the CME FedWatch tool.

"With gas prices down sharply so far in June, May could mark the peak for headline (consumer price index), although inflation will be slow to decline, keeping the Fed on prolonged hold for most of this year," Oxford Economics said in a note.

In company news, Super Micro Computer ( SMCI ) shares were down 20% intraday, the worst performer on the S&P 500, as the company announced a series of concurrent equity and equity-linked financing transactions amounting to $7 billion.

Casey's General Stores (CASY) shares surged nearly 17%. Late Tuesday, the convenience store operator logged better-than-expected fiscal fourth-quarter results.

Oracle (ORCL) is scheduled to report after the closing bell Wednesday.

Gold was down 3.3% at $4,147 per troy ounce, while silver fell 0.2% to $65.12.