Oil spikes, Trump tariffs, Intel earnings lead markets

Oil prices spiked above key levels as investors stopped shrugging off Iran war escalation, triggering the S&P 500 and Nasdaq Composite's biggest drops in a month. The White House imposed fresh 10% to 12.5% tariffs on 60 trade partners over alleged forced-labor violations. Intel beat Q2 expectations with fastest quarterly revenue growth in nearly 15 years, sending shares 3% higher.