Stock Futures Climb as Oil Surges Past $100 on Middle East Tensions

U.S. stock futures edged higher on Monday morning as investors navigated rising oil prices and escalating tensions in the Middle East following U.S. strikes on Iran’s Kharg Island. Brent crude climbed to $105 per barrel, while WTI crude approached $100, driven by concerns over potential supply disruptions through the Strait of Hormuz, a critical route for global oil shipments. The previous trading session saw Wall Street close lower, with the S&P 500 down 0.6%, the Nasdaq falling 0.9%, and the Dow slipping 0.3%. Allianz adviser Mohamed El-Erian warned that the conflict could evolve from short-term disruptions to longer-term economic damage.

Investors are also focusing on key events this week, including Nvidia’s GTC conference and the Federal Reserve’s March 17-18 policy meeting, where rates are expected to remain unchanged. Among the trending stocks, Meta Platforms (META) is reportedly considering layoffs affecting up to 20% of its workforce to cut costs related to AI infrastructure. Micron Technology (MU) completed its acquisition of a Taiwan facility to expand DRAM and HBM production, while Korro Bio (KRRO) saw upgrades from Cantor Fitzgerald and Raymond James.

Meanwhile, oil-related stocks (USO, INDO, BATL, TPET, EONR) gained overnight as crude prices surged. The White House invoked the Defense Production Act to restore offshore oil operations in California, aiming to ease supply pressures. Global markets showed mixed performance, with Asian equities declining and gold trading near $5,024 an ounce. Economist Peter Schiff advised traders to 'buy the dip,' citing gold’s pullback to a support level amid de-dollarization trends.