Late Tuesday, U.S. stock futures edged higher amid escalating geopolitical uncertainty in the Middle East and rising congressional scrutiny over military action.
Dow Futures Advance As Oil Markets Track Iran Tensions
Dow futures rose 107.00 points, or 0.22%, to 49,404.00, while S&P 500 futures gained 15.50 points, or 0.22%, to 7,186.50 and Nasdaq 100 futures advanced 117.50 points, or 0.43%, to 27,286.25 as of 8:27 p.m. EDT.
In commodities, WTI crude oil slipped 0.74% to $99.19 per barrel. Brent crude edged down 0.44% to $110.77 per barrel.
RBOB gasoline futures rose 0.17% to $3.5665 per gallon, while natural gas futures were unchanged at $2.559 per MMBtu.
ULSD heating oil declined 0.90% to $3.9356 per gallon.
Meanwhile, the U.S. dollar index stood at 98.625, up 0.03%.
Asian markets were mixed, with Japan’s Nikkei 225 falling 1.02% to 59,917.46, while South Korea’s KOSPI gained 0.33% to 6,662.89.
Trump Reportedly Rejects Iran Strait Proposal
President Donald Trump expressed dissatisfaction with Iran’s latest proposal, which offered to reopen the strategically critical Strait of Hormuz if the U.S. lifted its naval blockade, the New York Times reported, citing sources.
The exact reasons for Trump’s dissatisfaction were not fully disclosed. However, reports indicate Iran’s proposal deferred negotiations over its nuclear program until a later stage rather than addressing them immediately — a key sticking point for the White House.
On Monday, Secretary of State Marco Rubio criticized the framework, telling Fox News, “Those are international waterways. They cannot normalize… a system in which the Iranians decide who gets to use an international waterway.”
Senate Republicans Demand Accountability On War Powers Deadline
As the 60-day War Powers Act deadline approaches, Senate Republicans are increasing pressure on the White House to seek congressional authorization for continued military engagement, CNN reported on Tuesday.
Sen. Susan Collins (R-Maine) told the publication that the president “has to obtain congressional approval or Congress can block it.”
Sen. Mike Rounds (R-S.D.) noted lawmakers expect answers from Defense Secretary Pete Hegseth during upcoming hearings.
UAE Exit From OPEC Adds New Energy Market Shock
Further rattling markets, the UAE has announced it will leave OPEC and OPEC+ effective May 1, citing long-term strategic priorities.
OPEC, which currently consists of 12 major oil-producing countries, has historically sought to preserve a coordinated strategy despite recurring internal tensions over geopolitical priorities and production limits.
Its expanded alliance, OPEC+, was established in 2016 and combines OPEC members with 10 additional non-OPEC oil-producing nations.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock
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