U.S. stocks slumped on Tuesday under the weight of another jump for the price of oil. It was a return to form for financial markets after Wall Street’s worries about Israel’s fighting with Iran had seemed to calm a bit on Monday.

U.S. stock futures slipped and oil prices rose on Tuesday, as investors were rattled by U.S. President Donald Trump's call for everyone to evacuate Tehran with the fifth-day of Israel-Iran fighting sowing fears of a broader regional conflict.

Markets are concerned about Iran's frequent threats to blockade the Strait of Hormuz, just as the US heads into peak summer demand season.

The Senate version of the bill includes a provision that would fully phase out both solar and wind power tax incentives by 2028. It does, however, keep incentives for nuclear, hydropower and geothermal energy for longer.

U.S. solar stocks are tumbling hard on Tuesday after the Senate backed the removal of renewable energy incentives that President Donald Trump proposed in his spending bill last month. Investors are bailing on solar stocks because the upper chamber’s version of the tax-and-spending bill includes a provision to fully remove renewable energy incentives by 2028.