Trading on Wall Street mixed in premarket while oil prices fall on Trump’s shipping waiver extension
Summary
Wall Street futures showed mixed results before the market opened, while oil prices dropped after President Donald Trump extended a waiver allowing foreign ships to transport energy products to the U.S. This waiver aims to ease energy supply issues caused by the war in Iran.Key Facts
- President Trump extended the Jones Act waiver for 90 days, allowing non-American ships to carry oil and natural gas in U.S. waters.
- The waiver started as a 60-day measure in mid-March to help stabilize energy supplies amid disruptions from the Iran war.
- After the extension, oil prices declined but remained high due to ongoing conflict and disruptions of the Strait of Hormuz.
- Brent crude for June delivery fell to $98.67 per barrel, down from a recent high of $107.
- U.S. crude oil prices dropped to $94.80 per barrel early Friday.
- The Strait of Hormuz remains mostly closed, and the U.S. continues a sea blockade on Iranian ports.
- Iran attacked and seized ships in the strait, escalating tensions in the region.
- Wall Street stock futures were mixed, but chipmaker stocks rose significantly after Intel reported strong earnings driven by AI demand.
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