Stock futures were under pressure Thursday as oil prices added to their surge on supply disruption worries while the Iran war continued.
Futures for the Dow Jones Industrials caved 215 points, or 0.5%, to 47,233.
Futures for the S&P 500 index slipped 19.5 points, or 0.3%, to 6,760.
Futures for the NASDAQ ditched 59.75 points, or 0.2%. to 24,923.75.
Late Wednesday, Energy Secretary Chris Wright said the U.S. will release 172 million barrels of oil from the Strategic Petroleum Reserve. It will take about 120 days to deliver the fuel. The announcement comes after President Donald Trump said in an interview that he would tap the reserve.
However, markets remained under pressure as crude prices continued to climb. West Texas Intermediate futures traded 4% higher at around $91 per barrel. Brent crude advanced 5% to roughly $97 and briefly touched $100.
U.S. forces on Tuesday sank 16 mine-laying Iranian ships near the Strait of Hormuz, as oil tanker traffic remains stalled amid threat of Iranian attacks.
Insurance company Chubb was announced as the lead underwriter for a U.S. government-led program to provide insurance to ships attempting to traverse the strait.
Shares of Dick’s Sporting Goods rose 3% after the retailer posted fourth-quarter results that beat analyst expectations.
In Japan, the Nikkei 225 skidded 1% Thursday, while in Hong Kong, the Hang Seng stepped down 0.7%.
Oil prices increased $4.45 to $91.70 U.S. a barrel.
Gold prices gained $6.10 to $5,185.20 U.S an ounce.
