Wall Street retreats from record highs before the bell as Iran war pushes oil above $100
Summary
Wall Street futures dropped slightly after recent record highs as the ongoing war in Iran raised uncertainty. The conflict pushed oil prices above $100 per barrel, contributing to higher energy costs and market concerns.Key Facts
- Futures for the S&P 500 fell 0.4%, Dow Jones futures dropped 0.6%, and Nasdaq futures dipped 0.4% before trading opened.
- The war in Iran has lasted eight weeks, with peace talks uncertain and no clear date for new negotiations.
- Iran fired on ships in the Strait of Hormuz despite a ceasefire extended by President Donald Trump.
- Brent crude oil price rose to $103.18 per barrel from about $70 before the war began.
- U.S. crude oil reached $94.17 per barrel as supply routes remain disrupted.
- Tesla's stock dropped over 3% after the company announced a $25 billion investment plan for 2026 despite beating profit expectations.
- American Airlines lowered its performance forecast due to rising jet fuel costs, even though it reported higher revenue.
- European and Asian markets showed mixed results, with some indexes falling and others hitting new records amid economic growth reports.
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