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Barchart
Barchart
Oleksandr Pylypenko

Stocks Slip Before the Open as Middle East Conflict Lifts Oil, U.S. Economic Data on Tap

Oil Middle East United States ADBE Capital Economics Dollar General Inflation Japan LEN Lennar

March S&P 500 E-Mini futures (ESH26) are down -0.62%, and March Nasdaq 100 E-Mini futures (NQH26) are down -0.61% this morning as the escalating Middle East conflict pushes oil prices higher and weighs on risk appetite.

The price of WTI crude climbed more than +7% as concerns intensified that the Middle East conflict could disrupt energy markets for an extended period. Iraq halted operations at its oil terminals after two foreign tankers were hit in its waters, igniting fires and causing oil spills. Also, the U.K.’s maritime security agency, UKMTO, said on Thursday that a container vessel was hit off the coast of Dubai. Separately, Oman temporarily evacuated a major export terminal, while Bahrain said Iran had targeted its fuel storage tanks.

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