Oil Prices Surge Amid Middle East Tensions, Weighing on U.S. Stocks

U.S. stock futures traded mixed on Tuesday morning as investors weighed rising oil prices and ongoing tensions in the Middle East. Ongoing trade woes between the U.S. and Canada also contributed to investor sentiment.

Oil prices trended higher, with Brent crude rising 1.79% to $98.74 per barrel, while WTI crude was up 2.65% at $93.92 per barrel. This uptick in oil prices may be attributed to the potential impact of the ongoing U.S.-Iran conflict on global oil supplies.

Novartis stock fell about 13% after its muscle-wasting disorder drug failed to show significant improvement in a late-stage study. In contrast, Roivant Sciences shares popped more than 17% following positive Phase 2 trial results for subsidiary Pulmovant's mosliciguat.