Wall Street Futures Mixed as Brent Crude Remains Steady at Near $112 per Barrel

Global Markets Tumble Amid Iran Uncertainty

Wall Street futures traded mixed in afternoon trade in India on Thursday, while Brent crude prices remained steady near USD 112 per barrel amidst ongoing uncertainty over the Iran situation.

The prospects for a deal to cement a three-week ceasefire in the Iran war remained unclear. Iran's Supreme Leader stated that the country would protect its nuclear and missile capabilities as a national asset, according to reports from the Associated Press.

Iran has closed the Strait of Hormuz to oil tankers, keeping them in the Persian Gulf and away from global markets. A US Navy blockade is also preventing Iran from selling its own oil.

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At around 2:45 pm IST, futures linked to the Nasdaq-100 declined by 0.12 percent. Futures of the S&P 500 marginally edged up by 0.08 percent, while those of the Dow Jones Industrial Average rose by 0.10 percent.

Most Asian markets remained closed for May Day, a public holiday.

In Tokyo, the Nikkei 225 gained 0.3 percent to 59,513.12 as the Japanese yen strengthened against the US dollar.

Australia's S&P/ASX 200 climbed 0.74 percent to 8,729.80.

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In the US, markets ended higher on Thursday, supported by strong earnings from Alphabet, Caterpillar, and other companies. The gains followed volatile movements in oil prices, which had surged close to their highest levels since the Iran conflict began before easing.

The S&P 500 rose to a new record, crossing 7,209.01, marking its best monthly performance in over five years. The Dow Jones Industrial Average jumped to 49,652.14, while the Nasdaq Composite advanced to a record 24,892.31.

In India, benchmark indices settled nearly 1 percent lower on Thursday due to rising crude oil prices, weak global cues, and foreign fund outflows.

The Sensex fell 582.86 points or 0.75 percent to settle at 76,913.50. During the day, it had dropped 1,237.5 points or 1.59 percent to 76,258.86. The Nifty declined 180.10 points or 0.74 percent to close at 23,997.55.

The decline was attributed to a sharp surge in crude oil prices, which spiked to multi-year highs amid escalating geopolitical tensions in the Middle East and concerns over supply disruptions through the Strait of Hormuz. This raised fears of inflationary pressures and macroeconomic instability for oil-importing economies like India. Weak global cues, a sharp depreciation in the rupee to record low levels, and continued foreign institutional outflows further weighed on sentiment.