Tonight's Highlights | Trump Rhetoric Ignites Conflict Fears; Futures Plunge as Oil Prices Skyrocket
U.S. equity futures tumbled sharply on Thursday while international oil prices surged following aggressive comments from President Trump regarding the ongoing conflict with Iran. Major European indices tracked the decline, posting significant losses across the board.
In a Wednesday evening address, President Trump sent contradictory signals that rattled global markets. Despite claiming the U.S. is "very close" to ending the war, he simultaneously threatened "extremely violent" strikes. "In the next two to three weeks, we’re going to hit them back to the Stone Age," Trump stated.
The rhetoric triggered a massive spike in energy markets: Brent crude surged approximately 8% to over $109 per barrel, while WTI crude jumped 10%, breaching the $110 mark. Conversely, Spot Gold retreated nearly 3% to $4,624/oz as liquidity tightened. The lack of a clear de-escalation timeline has dashed hopes for a swift reopening of the Strait of Hormuz, reversing the record two-day gains seen earlier this week.
"The longer oil stays elevated, the less discretionary spending consumers have, making a slowdown more inevitable," noted Kevin Mahn, CIO at Hennion & Walsh. He added that with the Fed unlikely to pivot in the short term, markets remain hostage to a resolution of the conflict to alleviate inflationary pressures. Today marks the final trading day of the week as Western markets close for Good Friday.
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