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Happy Tuesday. Stock futures were falling and oil prices were rising amid renewed U.S.-Iran hostilities in the Strait of Hormuz.

Two oil tankers, one Saudi and one South Korean-owned, were hit by projectiles Monday night as the U.S. and Iran resumed hostilities in a six-month war that appears to be locked in a stalemate.

“Markets are starting September cautiously, with investors balancing renewed geopolitical uncertainty, elevated bond yields and the latest US economic data,” said Daniela Hathorn, senior market analyst at Capital.com. “The S&P 500 remains close to record territory, but momentum has softened after a strong summer.”

Hathorn said renewed U.S.-Iran tensions are rebuilding some of the risk premium in oil, creating fresh concerns about the impact of higher energy prices on both growth and inflation.

“The bond market remains an important constraint,” she said. “Long-term US yields are still historically high, having risen last week despite Treasury’s expanded buyback program, suggesting the pressure extends beyond expectations for Fed policy.”

Hathorn said heavy government borrowing, an elevated term premium and growing competition for capital continue to underpin yields, creating a less comfortable environment for highly valued equities.

Stocks finished lower Monday as renewed hostilities between the U.S. and Iran raised geopolitical concerns and led to a jump in oil prices.