As of today, the S&P 500 Index is down 0.04%, the Dow Jones Industrial Average is down 0.13%, and the Nasdaq 100 Index is up 0.13%. Notably, March E-mini S&P futures are down 0.16% while March E-mini Nasdaq futures are up 0.13%. This market pressure follows recent escalated tensions in the Persian Gulf amid an intense bombing campaign by U.S. military forces, conflicting with President Trump’s optimistic comments about the Iran war potentially ending soon.
An Iranian drone strike on the Ruwais Industrial Complex, the largest refinery in the UAE, has led to halted operations due to fire. This attack follows reports of an explosion involving a tanker near Abu Dhabi. Despite these disruptions, April WTI crude oil prices have dropped 7% today, decreasing from a high of $119.48, following Trump’s declaration that the Iran conflict was nearly over and G-7’s readiness to release oil stockpiles.
The G-7 energy ministers are convening today at the International Energy Agency in Paris, with discussions on potential measures to manage oil supply disruptions. In economic news, U.S. existing home sales rose by 1.7% in February to 4.09 million, contrary to expectations of a drop.
