March S&P 500 E-Mini futures (ESH26) are down -1.08%, and March Nasdaq 100 E-Mini futures (NQH26) are down -1.12% this morning, pointing to further losses on Wall Street as the escalating Middle East conflict triggered fresh turmoil in energy markets.
The price of WTI crude climbed above $100 a barrel for the first time since 2022 after Middle Eastern producers began cutting output over the weekend and traffic through the Strait of Hormuz was effectively halted. Oil pared some of its earlier advance, while stock index futures clawed back some of the session’s worst losses after the Financial Times reported that G7 finance ministers would meet to discuss releasing strategic reserves. However, the jump was enough to intensify concerns of an inflation shock, pushing the 10-year T-note yield up four basis points to 4.18%.
