Stock Futures Plunge as Oil Prices Soar Amid US-Iran Conflict
Business
11 May 2026
2 min read
Stock Futures Plunge as Oil Prices Soar Amid US-Iran Conflict
The stock futures market saw significant declines early Monday following President Donald Trump's rejection of Iran's latest proposal to end the war in the Middle East.
Futures tied to the Dow Jones Industrial Average slid 81 points, or 0.16%, marking a sixth-straight winning week for the index. This marked a sharp reversal from Friday's gains, which saw both indexes record their highest closing values since March 2024.
The rejection of Iran's counteroffer came as stocks advanced more than two times over the weekend, following a strong show by the S&P 500 and Nasdaq Composite. This marks a rare period of cooperation between the US government and its allies in the region.
Iran has proposed ending the war on all fronts and lifting sanctions on the country. The latest move comes after the US reportedly rejected the proposal, sparking concerns about the potential for further escalation.
Investors will be watching closely as they await the April consumer and producer price indexes, which may offer fresh insights into how the ongoing conflict is impacting inflation. Additionally, companies such as Under Armour and Cisco are set to report earnings this week, with traders monitoring their financial performance.
Meanwhile, South Korea's Kospi has opened at a fresh record, driven by rising oil prices and escalating tensions between the US and Iran. Japan's Nikkei 225 traded choppy but was marginally lower, while the Topix gained 0.19%. Nintendo shares fell 5.54%, as investors digested news that the game developer will hike Switch 2 prices.
In other market news, West Texas Intermediate futures for June rose 3.94% to $99.18 per barrel, marking a significant increase at least 15 minutes delayed from the US time zone. Brent crude futures for July rose 3.49% to $104.83 per barrel, indicating that global energy markets are bracing themselves for potential price hikes.
As the situation continues to unfold, investors remain cautious about the potential impact on global markets and the economy.
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