U.S. stock futures dipped late Sunday while oil prices rose, but didn’t spike, as investors kept their cool after a weekend packed with new fighting in the Persian Gulf.
Futures tied to the Dow Jones industrial average fell 100 points, or 0.19%. S&P 500 futures were down 0.27%, and Nasdaq futures lost 0.48%.
U.S. oil futures rose 3.2% to $73.70 a barrel, while Brent crude also climbed 3.2% to $78.45. Gold dropped 0.7% to $4,085 per ounce.
Bob McNally, founder and president of Rapidan Energy, told CNN that crude oil markets have been “blowing off this geopolitical risk for years” and described Sunday’s rise in prices as “pretty tame.”
Traders are confident that the worst of the Hormuz conflict is over and see the beginnings of a recovery in ship crossings as well as oil production around the Gulf, he explained, adding that the stock market hasn’t cared about Iran since April.
