Late Wednesday, U.S. stock futures edged lower while oil prices surged toward $100 as tensions flared over a fragile ceasefire between Washington and Tehran.
Markets Slip As Oil Prices Surge On Geopolitical Tensions
Dow futures fell 42.00 points, or 0.09%, to 48,102.00 as of 9:01 p.m. EDT.
S&P 500 futures declined 12.00 points, or 0.18%, to 6,811.75, while Nasdaq 100 futures dropped 59.50 points, or 0.24%, to 25,014.75.
In commodities, WTI crude rose 3.28% to $97.51 per barrel, while Brent crude gained 2.98% to $97.57 per barrel.
RBOB gasoline futures climbed 1.21% to $3.0424 per gallon and ULSD heating oil futures advanced 2.84% to $3.9165 per gallon.
Natural gas futures edged up 0.40% to $2.735 per MMBtu.
Meanwhile, the U.S. dollar index was at 99.112, up 0.12%.
Asian markets were lower, with Japan’s Nikkei 225 falling 0.48% to 56,035.34, while South Korea’s KOSPI declined 0.66% to 5,833.67.
Iran Accuses US Of Violating Ceasefire Terms
In a post shared on X, Iranian parliamentary speaker Mohammad Bagher Ghalibaf said Washington had a “pattern” of breaking commitments, adding that “in such situation, a bilateral ceasefire or negotiations is unreasonable.”
He cited continued Israeli strikes in Lebanon, an alleged drone incursion into Iranian airspace and disputes over Iran’s nuclear rights as violations.
Iranian Foreign Minister Seyed Abbas Araghchi also took to X and said the terms of the Iran-U.S. ceasefire are “clear and explicit.”
While sharing a post shared by Pakistan Prime Minister Shehbaz Sharif, Aragchi stated that Washington must choose between honoring the truce or continuing the conflict.
Earlier on Wednesday, confirming the ceasefire, Donald Trump described Iran’s 10-point proposal as “workable.” He also declared a “total and complete victory” following the two-week agreement.
Meanwhile, Israel endorsed the ceasefire but said that it does not apply to Lebanon, even as Pakistan suggested otherwise. It also reaffirmed its backing of U.S. efforts to counter what it calls Iran’s nuclear, missile and terror threats.
US Pushes Back As Ceasefire Disputes Deepen
While traveling in Hungary on Wednesday, Vice President JD Vance downplayed the tensions, saying, “Ceasefires are always messy,” CNBC reported.
Vance said Washington maintains that Iran must not be allowed to enrich uranium and highlighted that the ceasefire agreement never included Lebanon.
Strait Of Hormuz Dispute Fuels Oil Supply Fears
At the center of the conflict is control over the Strait of Hormuz, through which roughly 20% of global oil supply flows.
While the U.S. demands open access, reports suggest Iran may seek to impose transit fees, raising concerns about further disruptions.
Tanker traffic in the region has already declined significantly amid ongoing hostilities.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo Courtesy: VADZIM SHUBICH on Shutterstock.com
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