US pre-open: Futures fall as oil surges on escalating Middle East conflict
19th Mar 2026 10:59
(Sharecast News) - Wall Street futures were in the red ahead of the bell on Thursday as oil prices surged following a "dangerous escalation" in the war in the Middle East.
As of 1200 GMT, Dow Jones futures were down 0.17%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.16% and 0.26%, respectively.
The Dow closed 768.11 points lower on Wednesday, more than reversing gains recorded in the previous session as it dropped to a fresh 2026 low.
Oil prices surged early on Thursday, with Brent jumping 6.12% to $113.95 a barrel and West Texas Intermediate up 1.08% at $97.36 a barrel as escalating strikes on Middle East energy infrastructure deepened fears of a global supply crunch.
The moves came after a hot wholesale inflation report and the Federal Reserve's higher inflation projections fuelled fears that the US and Israel's conflict with Iran could push the US economy toward a stagflation‑type backdrop of weaker growth and rising price pressures.
Energy markets were further rattled after Qatar said Iranian missile strikes had damaged Ras Laffan Industrial City, the world's largest LNG export hub, calling the attack a "dangerous escalation" and a violation of sovereignty. Qatar warned it reserved the right to respond under international law. The strike follows earlier Iranian threats against facilities in Qatar, Saudi Arabia and the UAE, after Israel hit a gas processing site in Iran.
Qatar had already suspended LNG production on 2 March following Iranian drone attacks on Ras Laffan, while Saudi Arabia and the UAE remained on alert after Israel's latest strike. The escalating attacks were seen as likely worsening the supply shock caused by the conflict, with tanker traffic through the Strait of Hormuz, which handles roughly 20% of all global oil flows, now largely blocked.
On the macro front, weekly jobless claims figures from the Labor Department will be released at 1230 GMT, as will the Philadelphia Fed's March manufacturing survey, while January new home sales and wholesale inventories data will follow at 1400 GMT.
In the corporate space, professional services firm Accenture traded lower in pre-market action despite posting a $0.08 Q2 earnings beat and revenues that topped estimates as earnings guidance fell short of Wall Street expectations, while Olive Garden parent company Darden Restaurants reported Q3 sales and adjusted diluted net earnings per share that were bang in line with expectations, up 5.9% at $3.3bn and and 5.4% at $2.95, respectively.
Still to come, FedEx will report earnings after the close.
Reporting by Iain Gilbert at Sharecast.com