(Sharecast News) - Wall Street futures were in the red ahead of the bell on Tuesday as oil prices resumed their upward march.
As of 1200 GMT, Dow Jones futures were down 0.40%, while S&P 500 and Nasdaq-100 had the indices opening 0.42% and 0.45% lower, respectively.
The Dow closed 387.94 points higher on Monday, reversing losses recorded in the previous session, as oil prices eased from their recent highs.
While a pullback in oil prices helped lift sentiment on Monday, Brent crude traded 3.3% higher at $103.53 a barrel early on Tuesday, while West Texas Intermediate was up 3.7% to $97.03 per barrel, amid ongoing fears that a prolonged shutdown of the Strait of Hormuz following US‑Israel strikes on Iran could disrupt global energy supplies.
Treasury secretary Scott Bessent said the US was allowing Iranian tankers to pass through the waterway, but Donald Trump signalled on Monday that a coalition to escort vessels through the strait had yet to be finalised. Investors will be continuing to monitor developments in the conflict.
Elsewhere, attention will also turn to the Federal Reserve's second policy decision of the year, due on Wednesday, with expectations for rate cuts fading as inflation concerns intensified since the start of the US and Israel's assault on Iran.
On the macro front, February pending home sales figures will be released at 1400 GMT.
In the corporate space, Lululemon Athletica and DocuSign were both slated to report earnings after the close.
Reporting by Iain Gilbert at Sharecast.com