Stock futures slipped Wednesday as oil prices surged to their highest levels in over a month, driven by ongoing U.S. military strikes against Iran, while investors braced for a heavy afternoon of earnings from major technology companies.
Brent crude futures jumped 4.8% to $94.93 a barrel, touching $95 at the session high
West Texas Intermediate futures were up more than 4% to $88.12 a barrel. Dow Jones Industrial Average futures were off 31 points, just below flat, with S&P 500 futures losing 0.3% and Nasdaq-100 futures dropping 0.6%. The oil move followed an 11th consecutive night of U.S. strikes against Iran.
Secretary of State Marco Rubio said Iran is “not serious about talks.” “If they’re serious, we’re serious. If they’re not, then we will do what is necessary to protect our interests and also the interests of our allies,” Rubio said. Brent futures are now trading more than $20 above their early-July lows, and average gas prices at the pump have risen above $4 a gallon, according to The Wall Street Journal.