Dow, S&P 500, Nasdaq futures waver as oil rises with US and Iran targeting energy infrastructure

U.S. stock futures fluctuated Sunday night as investors tried to stabilize after another weak week for stocks while keeping a close eye on rising oil prices due to the war between the United States and Iran.

Futures tied to the Dow Jones Industrial Average (YM=F), S&P 500 futures (ES=F), and Nasdaq 100 futures (NQ=F) are all trending sideways.

This cautious start to the week follows the S&P 500’s (^GSPC) third straight weekly decline, which finished Friday at its lowest level for the year and its lowest level since November.

Oil prices continued to rise as the US-Israeli war with Iran continued to halt traffic in the Strait of Hormuz. Both crude oil benchmarks rose above $100 per barrel for the first time since 2022. In the latest development, US attacks on Kharg Island, Iran’s main export hub, have deepened fears of urgent supply while also posing future risks, with Iran vowing retaliation against US energy facilities in the region.

In early trading Monday, West Texas Intermediate (CL=F) crude oil rose nearly 2% to around $100.90 per barrel, while Brent (BZ=F) crude rose nearly 2.6% to above $105.

Investors will also watch domestic company and policy events this week. Nvidia’s (NVDA) annual GTC conference kicks off Monday with a keynote from CEO Jensen Huang, while the Federal Reserve is scheduled to hold its second policy meeting of the year. Markets generally expect the Central Bank to keep interest rates unchanged.