Rising oil prices have reignited concerns about inflation and potential impacts on global growth, causing Dow futures to fall by 400 points.
The Dow Jones Industrial Average futures declined about 0.9% on Monday, while S&P 500 and Nasdaq 100 futures fell around 0.5%.
The decline came after President Trump’s Truth Social post, which stated: “Effective immediately, the United States Navy, the Finest in the World, will begin the process of BLOCKADING any and all Ships trying to enter, or leave, the Strait of Hormuz. The Blockade will begin shortly. Other Countries will be involved with this Blockade. Iran will not be allowed to profit off this Illegal Act of EXTORTION.”
Iran responded by vowing to target all Persian Gulf ports if its energy hubs are threatened, calling the US move “an act of piracy.”
Oil prices climbed above $100 again amid threats to global energy supplies, with the worldwide benchmark Brent crude rising 9% to nearly $104 a barrel. West Texas Intermediate futures rose over 8% to exceed $104 per barrel.
Iran’s parliamentary speaker, Mohammad Bagher Ghalibaf, retaliated on X that the “so-called blockade” would soon make Americans “nostalgic for $4–$5 gas.”
By CEO NA Editorial Staff
