U.S. stock futures declined Thursday, driven lower as crude prices surged following mounting concerns about the expanding conflict in the Middle East.
As of 4:12 P.M. (GMT+7), Dow Jones Industrial Average futures ticked down by 0.65%, or 309.80 points, to 47,107.50 points, while S&P 500 futures fell by 0.54%, or 36.30 points, to 6,739.50 points. Nasdaq 100 futures also decreased by 0.54%, or 136.00 points, to 24,829.00 points.
The rise in oil prices followed renewed instability in the Middle East, particularly after President Donald Trump indicated on Wednesday that the U.S. seeks to escalate efforts with the goal of bringing the situation to a conclusion soon.
Trading in energy markets remained volatile after attacks on two tankers at the Iraq Ports loading area resulted in closures at Iraqi ports. These events have raised fresh alarms about potential interruptions in oil exports from the region.
WTI crude again topped $90 per barrel as the anticipation of an extended war involving Iran outweighed the impact of emergency oil releases from global reserves. Meanwhile, Brent surged back to the $100 per barrel level before falling back to the level of $95.
Despite a joint decision by the IEA to deploy 400 million barrels—its largest coordinated release to date—market participants viewed the move as insufficient to offset concerns about long-term supply constraints.
Meanwhile, investors awaited key economic updates after February’s Consumer Price Index indicated a 0.3% monthly increase and a 2.4% annual rise in U.S. consumer prices, broadly matching consensus estimates. The Federal Reserve’s preferred inflation measure, the Personal Consumption Expenditures Price Index, is scheduled for release on Friday.
On the corporate front, Adobe and Dollar General are set to announce quarterly results later in the day.
