September S&P 500 E-Mini futures (ESU26) are up +0.10% this morning, putting the benchmark index on track to end the week at a new record high, while investors await U.S. retail sales data that will provide fresh insight into consumer spending.
The price of WTI crude edged higher on Friday after a tanker was attacked while trying to leave the Persian Gulf, and U.S. Treasury Secretary Scott Bessent promised unprecedented “economic isolation” for Iran. Mr. Bessent said in an interview with Newsmax on Thursday that the U.S. would soon announce new economic measures against Iran. “Watch this space for more announcements coming next week because we are going to apply measures like have never been seen in the history of economic isolation on a country,” Bessent said. He added that the move would form part of a “one-two punch,” alongside the ongoing blockade of Iran’s ports. Meanwhile, U.S. Defense Secretary Pete Hegseth told reporters on Thursday that the U.S. could maintain its blockade of Iranian ports indefinitely by rotating ships in and out.
