Stock-market futures drop, oil surges back above $100 after failed talks between U.S. and Iran over the weekend
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Stock-market futures have dropped and oil prices have surged after failed talks between the US and Iran over the weekend. The US has announced a blockade of the Strait of Hormuz, a crucial waterway for global oil shipments, which has led to a spike in oil prices and concerns about inflation.
Stock-market futures are pointing to a potential drop in major US equities indexes. The Dow Jones Industrial Average and S&P 500 are expected to fall, with the E-Mini Dow Continuous Contract down 1.1% and the E-Mini S&P 500 Future Continuous Contract down 1.1%. The US and Iran failed to reach an agreement over the weekend, leading to a blockade of the Strait of Hormuz. Oil prices have surged, with West Texas Intermediate crude prices up 8% at over $104 a barrel. The blockade is expected to disrupt global oil shipments and lead to higher gasoline prices. The US Central Command will begin the blockade on Monday, targeting vessels entering or departing Iranian ports and coastal areas.
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