On Wednesday morning, U.S. stock futures took a significant hit as President Donald Trump declared the memorandum of understanding with Iran null and void. This announcement sparked a notable rise in oil prices, leading to a boost in energy stocks during premarket trading. Meanwhile, investors await the release of the minutes from the U.S. Federal Reserve meeting for further insights.

A divided market turns broadly lower on the prospect of renewed hostilities.

Brent crude futures were a long way below the war's peak prices but rose enough to wobble the bond market by increasing inflation risks.