Mixed Futures Ahead as Strait of Hormuz Uncertainty Continues
US stock futures were mixed ahead of the opening bell on Tuesday as investors weighed signs of progress toward reopening the Strait of Hormuz against lingering doubts over whether Washington and Tehran can reach a broader settlement.
The Dow Jones index had dropped by 60.95 points the previous day, wiping out some optimism over a potential US-Iran agreement to re-open the key waterway.
Middle East news was again in focus on Tuesday after Iran said it was close to agreeing a deal with Oman to reopen the Strait of Hormuz, but continued to rule out direct talks with the US until several conditions were met.
Iran's foreign minister Abbas Araghchi reiterated that there was 'no possibility of restarting negotiations' while the US continued to violate their June memorandum of understanding and failed to compensate Iran for those breaches.
The ongoing uncertainty led to higher oil prices, with West Texas Intermediate futures up 2.01% at $83.78 a barrel and international benchmark Brent crude rising 1.89% to $89.38 a barrel.