Markets are jittery as the global oil crisis bleeds into a global debt selloff, while Trump weighs new military options on Iran
Stock futures fell as the closure of the Strait of Hormuz continues to impact oil markets. President Trump is considering military options regarding Iran as diplomatic efforts stall. Analysts warn that oil inventories are nearing critically low levels, which could lead to increased price volatility.
- ▪Futures tied to the Dow Jones industrial average fell 123 points, or 0.25%.
- ▪U.S. oil futures rose 1.75% to $107.26 a barrel amid concerns over supply shortages.
- ▪President Trump is weighing military options regarding Iran as talks have stalled.
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Stock futures dipped Sunday as investors were forced to confront the inconvenient reality that the Strait of Hormuz remains closed with oil markets edging closer to a cliff’s edge.Recommended Video Futures tied to the Dow Jones industrial average fell 123 points, or 0.25%. S&P 500 futures were down 0.09%, and Nasdaq futures lost 0.04%. U.S. oil futures rose 1.75% to $107.26 a barrel, while Brent crude climbed 1.1% to $110.50. Gold fell 0.14% to $4,555.30 per ounce. The U.S. dollar was up 0.03% against the euro and up 0.01% against the yen. The yield on the 10-year Treasury was steady at 4.597%. Last week’s euphoria came to screeching halt on Friday, when the U.S.-China summit failed to produce a breakthrough that would reopen the strait and allow oil supplies to flow again.
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