Dow Futures Fall Over 200 Points Amid Ongoing US Strikes Against Iran, While Trump’s Tuesday Deadline Draws Closer

• According to a Fox News report citing a senior U.S. official, dozens of strikes were carried out against military targets on Iran’s Kharg Island.
• President Trump issued a dire warning to Iran on Tuesday, stating in a post on Truth Social that a “whole civilization will die tonight.”
• This sent crude oil prices on the boil on Tuesday, with the U.S. West Texas Intermediate crude futures maturing in May soaring more than 2%, rising to more than $115 per barrel.

U.S. equities declined in Tuesday’s pre-market trade as the United States continued to strike targets inside Iran even as President Donald Trump’s Tuesday deadline inched closer. 

The Dow Jones Industrial Average (DJIA) futures tumbled more than 200 points, while the S&P 500 futures and the Nasdaq 100 futures were down 0.4% and 0.6%, respectively.

President Trump announced during a press conference on Monday that he is extending the deadline for Iran to agree to a ceasefire, according to a report by NBC News.

Kharg Island Reported Struck Overnight

According to a Fox News report citing a senior U.S. official, dozens of strikes were carried out against military targets on Iran’s Kharg Island.

This comes after President Trump stated in a post on Truth Social on March 13 that the U.S. had “totally obliterated” every military target on the island.

Kharg Island is a crucial oil export hub for Iran, serving as the terminal for nearly all of Iran’s oil production. It has a loading capacity of about seven million barrels per day.

“U.S. Navy fighter jets take off from USS Abraham Lincoln (CVN 72) during Operation Epic Fury. U.S. forces continue to conduct strikes against military targets inside of Iran,” the U.S. Central Command confirmed in a post on X on Tuesday.

Trump Issues Dire Warning To Iran

President Trump issued a dire warning to Iran on Tuesday, stating in a post on Truth Social that a “whole civilization will die tonight.” He added that while he does not want it to happen, it probably will.

“We will find out tonight, one of the most important moments in the long and complex history of the World. 47 years of extortion, corruption, and death, will finally end. God Bless the Great People of Iran!” he said.

Crude Oil Prices On The Boil Again

President Trump’s latest threat against Iran sent crude oil prices on the boil on Tuesday.

U.S. West Texas Intermediate (WTI) crude futures maturing in May soared more than 2%, rising to more than $115 per barrel. Brent crude futures maturing in June gained nearly 1%, hovering at $111 per barrel.

The United States Oil Fund ETF (USO) gained about 2%, while the ProShares Ultra Bloomberg Crude Oil ETF (UCO) was up about 3% at the time of writing.

IRGC Threatens Response Beyond Region

According to an Al Jazeera report, Iran’s Islamic Revolutionary Guard Corps cautioned the U.S. against crossing its red lines.

“American leaders lack the ability to calculate the critical assets that would be within range of our fighters if they attacked our infrastructure. Our response will extend beyond the region if the US military crosses our red lines,” the IRGC stated, according to the report.

At the time of writing, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, declined 0.41%; the Invesco QQQ Trust ETF (QQQ) fell 0.55%; and the SPDR Dow Jones Industrial Average ETF Trust (DIA) declined 0.3%. Retail sentiment on Stocktwits regarding the S&P 500 ETF was in the ‘extremely bearish’ territory..

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