US stock futures fell as oil surged and President Trump declared that the memorandum of understanding between the US and Iran was “over,” raising the likelihood of a reescalation in the Middle East war. <\/p>\n
Futures tied to the Dow (YM=F<\/a>) fell 1%, or nearly 600 points, while contracts on the S&P 500 (ES=F<\/a>) dropped 0.8%. Nasdaq 100 futures (NQ=F<\/a>) slipped 1.3% following a down day for US markets.<\/a> <\/p>\n Markets are digesting a sharp escalation in US-Iran tensions after American forces carried out a “series of powerful strikes<\/a>” against Iran late Tuesday in response to attacks on three commercial vessels in the Strait of Hormuz. <\/p>\n President Trump, speaking in Ankara ahead of a NATO summit, stated that the US-Iran ceasefire agreement was over amid the flare-up in hostilities. “As far as I’m concerned, it’s just a waste of time dealing with them,” Trump said of Iran. <\/p>\n Energy markets have been shaken after the Treasury revoked a license that had allowed Iran to export oil globally, adding to concerns over potential supply disruptions<\/a>. Crude prices climbed more than 5%, with West Texas Intermediate (CL=F<\/a>) trading above $74 a barrel and Brent (BZ=F<\/a>) at $78 a barrel. <\/p>\n