Wall Street futures drop as Middle East tensions lift oil prices to $100
USA TODAY
U.S. stock index futures fell on Thursday as oil prices soared to around $100 a barrel, fanning inflation worries.
March 12 (Reuters) - U.S. stock index futures fell on Thursday as oil prices soared to around $100 a barrel, fanning inflation worries and forcing traders to dial back expectations of U.S. interest rate cuts.
Crude prices jumped following reports that two tankers were set ablaze in Iraqi waters after apparent Iranian strikes, part of a broader wave of attacks on oil and transport facilities across the Middle East. Iran warned oil prices could surge as high as $200 a barrel.
S&P 500 airline stocks .SPLRCALI, which are sensitive to crude oil prices, are on track for their biggest monthly losses in a year.
American Airlines AAL.Oand Southwest LUV.N were down over 1% each in premarket trading on Thursday, along with cruise stocks Norwegian NCLH.N and Royal Caribbean RCL.N.
Energy companies Occidental OXY.N and EQT Corporation EQT.N were marginally higher.
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U.S. stock index futures fell on Thursday as oil prices soared to around $100 a barrel, fanning inflation worries.
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