On Monday evening, U.S. stock futures slipped while oil prices surged. This comes as key allies pushed back against Washington’s call to secure a vital global energy route.
Asian Markets Gain Amid Mixed Global Signals
U.S. equity futures pointed lower in late trading. Dow futures fell 100 points, or 0.21%, to 47,189, while S&P 500 futures declined 14 points, or 0.21%, to 6,741.50. Nasdaq 100 futures dropped 56 points, or 0.22%, to 24,835.25.
In commodities, WTI Crude April 26 futures rose 2.14% to $95.50 per barrel, while Brent crude gained 2.10% to $102.31 per barrel.
RBOB gasoline futures climbed 1.75% to $3.05 per gallon, while ULSD heating oil futures advanced 1.55% to $3.90 per gallon.
Meanwhile, natural gas futures edged higher 0.60% to $3.04 per MMBtu (million British thermal units).
Asian markets traded higher, with Japan’s Nikkei 225 gaining 0.49% and South Korea’s KOSPI jumping 2.40%. At the time of writing, the U.S. Dollar Index edged higher by 0.08% to 99.91.
Allies Push Back Against Trump’s Escort Proposal
Donald Trump urged allies to deploy naval forces to escort tankers through the strait, but several countries declined.
Officials from Germany, Spain and Italy cited a lack of authorization from bodies such as the UN and NATO, CNN reported.
“We lack the mandate,” German Chancellor Friedrich Merz said, adding that Berlin was not consulted before the conflict escalated.
Trump expressed frustration, saying, “Some are very enthusiastic … and some aren’t,” adding, “The level of enthusiasm matters to me.”
Speaking from the Oval Office, he said a few countries had shown early willingness to support the effort and that more names would be announced soon.
He also expressed surprise at the lack of enthusiasm and argued that nations heavily reliant on the route for oil, such as China and Japan, should be more supportive.
Strait Of Hormuz Crisis Fuels Global Supply Fears
The Strait of Hormuz is a critical passage that handles roughly 20% of global oil and LNG flows. Iran has effectively restricted access using drones and naval mines, raising fears of prolonged supply disruptions.
Meanwhile, U.S. Treasury Secretary Scott Bessent told CNBC that Washington is permitting Iranian oil tankers to pass through the Strait of Hormuz.
On Friday, Trump ordered strikes on Iranian military assets on Kharg Island, saying energy infrastructure was left untouched.
The conflict involving the U.S., Israel and Iran has entered its third week, with no clear resolution in sight.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock/ Mason Lawrence
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