Late Sunday, U.S. stock futures fell sharply while oil prices surged as tensions between the U.S. and Iran escalated following a naval confrontation in the Gulf of Oman.
Stock Futures Slide As Geopolitical Risks Mount
Dow futures fell 455.00 points, or 0.92%, to 49,186.00, while S&P 500 futures dropped 51.50 points, or 0.72%, to 7,110.00 and Nasdaq 100 futures declined 181.25 points, or 0.68% as of 8:40 p.m. EDT.
In commodities, WTI crude oil (May) rose 7.55% to $90.18 per barrel, while the June contract gained 6.90% to $88.29 per barrel.
Brent crude advanced 6.22% to $96.00 per barrel. RBOB gasoline futures climbed 4.13% to $3.1288 per gallon. Natural gas futures rose 1.72% to $2.72 per MMBtu.
Meanwhile, the U.S. dollar index stood at 98.274, up 0.05%.
Asian markets were higher, with Japan’s Nikkei 225 rising 0.63% to 58,843.64, while South Korea’s KOSPI gained 0.57% to 6,227.01.
US-Iran Tensions Escalate After Naval Clash
Taking to Truth Social, President Donald Trump said U.S. forces fired on an Iranian container ship in the Gulf of Oman after it attempted to breach a U.S. naval blockade.
“Right now, U.S. Marines have custody of the vessel. The TOUSKA is under U.S. Treasury Sanctions because of their prior history of illegal activity,” Trump wrote.
The move followed an Iranian attack on a tanker in the Strait of Hormuz a day earlier.
Trump warned of further escalation, saying Iran’s actions were a “total violation” of the ceasefire and threatening strikes on key infrastructure if a deal is not reached.
Iran Rejects Talks As Ceasefire Deadline Nears
While Trump said negotiations were expected in Islamabad on Monday, Iran pushed back, signaling it would not participate amid the ongoing blockade, according to state news agency IRNA.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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