U.S. stock futures declined after Iran announced the closure of the Strait of Hormuz, a critical conduit for global oil.
The S&P 500 and Dow Jones fell 0.1%, while the Nasdaq 100 dropped 0.3%. The strait handles roughly 20% of the world's oil production. In response, WTI Crude prices surged 3.0% and Brent Crude rose 2.5% on immediate supply fears. Gold prices fell 0.3% amid the uncertainty.
Markets are now watching for official U.S. and international responses. Any developments regarding Iran negotiations or naval blockades could shift the geopolitical landscape. OPEC+ production announcements will also be key for oil market dynamics.