Late Tuesday, stock futures all rose modestly, even as crude and Brent declined, while natural gas and gasoline futures moved higher.
Stock Futures Climb As Oil Pulls Back
Dow futures rose 119 points, or 0.25%, to 47,864. S&P 500 futures gained 20 points, or 0.29%, to 6,807.25, while Nasdaq 100 futures climbed 71.5 points, or 0.29%, to 25,054.
Meanwhile, oil prices dipped modestly. WTI Crude April 26 futures fell 0.24% to $83.25 per barrel, while Brent crude declined 0.43% to $87.42.
Natural gas, RBOB gasoline and ULSD heating oil futures also moved higher, rising 0.36%, 0.70% and 0.29%, respectively.
At the same time, the U.S. Dollar Index edged slightly lower, falling 0.07% to 98.844.
At the same time, Asian markets moved higher, with South Korea’s KOSPI jumping 3.20% to 5,709.63 and Japan’s Nikkei 225 rising 2.01% to 55,337.65.
IEA Weighs Historic Emergency Oil Release
This comes at the same time the Wall Street Journal reported that the IEA has circulated a proposal among its 32 member nations to release a record amount of crude oil from strategic reserves.
If approved, the release would exceed the 182 million barrels deployed in 2022 following the Russian invasion of Ukraine.
Officials reportedly discussed the proposal during an emergency meeting on Tuesday. The plan could move forward on Wednesday if member countries do not object.
The coordinated action is intended to offset disruptions linked to the near shutdown of the Strait of Hormuz, a critical shipping route that handles roughly one-fifth of the world’s oil supply.
War-Driven Supply Risks Push Energy Markets Higher
Oil prices have surged as much as 40% since late February following military strikes by the U.S. and Israel on Iran, briefly pushing crude above $100 per barrel before retreating.
However, prices for refined fuels such as diesel have continued to surge.
Economists warn that sustained high energy prices could fuel inflation, raise fuel costs for consumers and potentially trigger volatility in global equity markets.
IEA members collectively hold about 1.2 billion barrels of public emergency reserves, along with roughly 600 million barrels in commercial stockpiles, which can be deployed during supply shocks.
Trump Says Iran War Could End Soon As Putin Floats Mediation Efforts
Meanwhile, Donald Trump said Monday that the war with Iran is “pretty much” over and could end soon, stating Tehran’s military and missile capabilities have been severely weakened.
Iran’s Islamic Revolutionary Guard Corps pushed back, saying it—not Washington—will decide when the conflict ends.
Separately, the Kremlin said Vladimir Putin proposed several options to mediate the conflict during a call with Trump. Kremlin spokesman Dmitry Peskov said the proposals remain on the table as Russia signals it is ready to help ease tensions in the Middle East.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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