S&P 500 E-mini Futures Rally 0.13% on July 8 as Oil Prices Surge Amid U.S.-Iran Tensions

According to Yonhapinfomax, U.S. stock index futures rebounded on July 8 morning (Korean time) despite escalating Middle East geopolitical tensions. The S&P 500 E-mini futures rose 0.13% to 7,561.25, while Nasdaq-100 E-mini futures gained 0.50% to 29,537.00 as of 10:18 a.m. KST.

Geopolitical tensions spiked after the U.S. Central Command conducted air strikes against Iran in response to attacks on commercial ships transiting the Strait of Hormuz, while the U.S. Treasury revoked an oil export license for Iran. International crude oil prices surged in response: WTI futures rose over 2% to above $72 per barrel, while Brent crude exceeded $75 per barrel.