US pre-open: Futures higher as oil prices, Middle East tensions remain in focus

16th Mar 2026 10:13

(Sharecast News) - Wall Street futures were in the green ahead of the bell on Monday as oil prices remained elevated.

As of 1215 GMT, Dow Jones futures were up 0.57%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.78% and 0.94% higher, respectively.

The Dow closed 119.38 points lower on Friday, as investors reacted to another rise in oil prices and digested a barrage of weak domestic economic data.

Futures ticked higher in pre-market trading as markets looked to steady themselves following another brutal week, which saw the S&P 500 log its third straight weekly decline and finish at its lowest level of the year, with investors keeping a close eye on oil markets and developments in the escalating US/Israel-Iran conflict.

Oil remained a central focus after both West Texas Intermediate and Brent crude traded above $100 a barrel for the first time since 2022, driven by the effective shutdown of traffic through the Strait of Hormuz, a key global shipping route. Early on Monday, West Texas Intermediate was 2.05% higher at $100.70 per barrel, while Brent crude was up 2.87% at $106.13 a barrel.

The moves come after Donald Trump ordered strikes on Iranian military assets on Kharg Island. While the attacks did not target oil infrastructure, Trump warned the US could consider doing so if Iran continues to block the strait. He also claimed that Tehran "wants to make a deal", but that he was "not ready yet".

However, sentiment was helped slightly by a Wall Street Journal report that suggested the US was preparing to announce a multinational coalition to escort commercial vessels through the strait.

Alongside geopolitical tensions and the oil prices, traders will also turn their attention to the Federal Reserve this week, with the central bank set to announce the outcome of its second policy meeting of the year on Wednesday - though it was not expected to make any changes to current interest rates.

On the macro front, March's NY Empire State manufacturing index wil be published at 1230 GMT, while February capacity utilisation and industrial production figures were slated for release at 1315 GMT and the National Association of Housebuilders' March housing market index will follow at 1400 GMT.

In the corporate space, discount retailer Dollar Tree will report earnings before the opening bell.

Reporting by Iain Gilbert at Sharecast.com