U.S. futures edged lower after Wall Street was closed on Thursday for the Juneteenth holiday, with contracts for the S&P 500 and the Dow Jones Industrial Average down 0.2%, the Associated Press reports. Crude oil prices have rebounded as investors wait to see if the U.S. will join Israel’s war against Iran.
U.S. benchmark crude oil gained 52 cents to $75.66 per barrel, while Brent crude, the international standard, added 31 cents to $77.01 per barrel.
Oil prices have been fluctuating as fears rise and ebb that the conflict between Israel and Iran could disrupt the global flow of crude. Iran is a major producer of oil and also sits on the narrow Strait of Hormuz, through which much of the world’s crude passes.
Investors remained wary after the White House said President Donald Trump could decide on whether to launch an attack on Israel within the next two weeks, but that he “still believes diplomacy is an option,” said Anderson Alves, a trader at ActivTrades.
Trump’s tariffs agenda may have been eclipsed by the conflict in the Middle East, but it remains another major factor weighing on markets.
