US Futures Dip as Iran Closes Strait of Hormuz; Oil Jumps
US stock futures opened slightly lower after Iran declared the Strait of Hormuz closed again. Crude oil surged 2.5–3%, while gold edged down.
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Iran has declared the Strait of Hormuz closed again, ending the previous 'Memorandum of Understanding' truce. US equity futures reacted with modest declines in early trading.
The S&P 500 futures fell 0.1%, the Nasdaq 100 lost 0.3%, and the Dow Jones also dipped 0.1%. In energy markets, WTI crude jumped 3.0% and Brent added 2.5%. Gold slipped 0.3%.
Source: The Kobeissi Letter