Oil prices are surging, and US stock futures are falling after President Trump ramped up threats against Iran over the weekend.
Brent crude jumped 2.5% to over $111 a barrel, while US oil gained 3.1% to top $115. At the same time, S&P 500 futures dropped 0.8%, and Dow futures lost 340 points.
Trump posted on Truth Social that Tuesday will be “Power Plant Day and Bridge Day” in Iran if the Strait of Hormuz isn’t reopened. He set a deadline of Tuesday, 8 p.m. Eastern Time.
Over the weekend, Iran attacked oil refineries in Bahrain and Kuwait. Meanwhile, Oman is trying to negotiate a possible deal to restart oil flows through the vital strait.
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Investors are also waiting for key inflation data on Friday and the start of earnings season, with Delta reporting on Wednesday. The March jobs report surprised on Friday with 178,000 new jobs and unemployment at 4.3%.
Markets were closed on Friday for Good Friday, and many global markets remain closed on Monday for Easter.
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