Futures tied to the major U.S. stock indexes were little changed on Friday even after U.S. President Donald Trump said the deadline for potential American air strikes on Iranian energy infrastructure would be pushed back. The extension comes as Washington demands that Tehran reopen the Strait of Hormuz. Trump maintains that negotiations with Iran are continuing, although hostilities in the Middle East persist. Meanwhile, oil prices continued to climb and gold appeared set for a weekly loss.
Futures trade cautiously
U.S. equity futures edged slightly higher early Friday following Trump’s decision to give Iran until April 6 to reopen the Strait of Hormuz or risk strikes on power facilities.
As of 04:23 ET, Dow futures were up 27 points, or 0.1%. S&P 500 futures gained 8 points, also about 0.1%, while Nasdaq 100 futures rose 16 points, roughly 0.1%.
Wall Street’s main indexes dropped sharply in the previous session, marking one of the weakest trading days of the year so far. The decline came amid limited signs that diplomatic efforts to end the nearly month-long conflict involving U.S. and Israeli forces against Iran were making progress.
Fighting in the Middle East has continued, leaving the Strait of Hormuz effectively closed to tanker traffic and maintaining the risk of further attacks on critical energy infrastructure in the region. Israel and Iran exchanged strikes again on Friday, while the Pentagon has reportedly been building up military resources in the area ahead of what some investors fear could develop into a U.S. ground operation in Iran.
A report released Thursday by the OECD warned that the conflict could darken the global economic outlook, noting that a surge in energy prices could ignite inflation pressures and slow economic growth.
Outside of geopolitical tensions, analysts at Vital Knowledge highlighted developments in the artificial intelligence sector, pointing to OpenAI’s decision to step back from some consumer-focused offerings. They suggested this could signal that start-ups in the fast-growing AI industry may begin prioritizing profitability and cash flow rather than focusing primarily on user growth.
“[T]his could cause the tsunami of AI infrastructure spending to slow at the margin,” the analysts wrote in a note.
Trump delays deadline for Iranian energy strikes
Even so, markets remain largely focused on developments surrounding Iran, particularly Trump’s announcement late Friday that the White House would extend the deadline for potential strikes on Iranian energy facilities to April 6.
Posting on Truth Social, Trump said the delay was granted at the request of the Iranian government and added that Tehran was involved in “ongoing” talks with Washington that are “going very well.” He also dismissed media reports suggesting otherwise as “erroneous.”
Last weekend, Trump issued an ultimatum warning that U.S. forces would target Iranian power plants if the Strait of Hormuz—through which roughly one-fifth of global oil supplies move—was not reopened. He later indicated he would wait until Friday before taking action after what he described as “very strong” discussions with Iran.
Iranian officials, however, have publicly rejected claims that negotiations with the United States are taking place.
Some observers caution that neither side may be presenting a fully reliable account of events, leaving markets grappling with persistent uncertainty over how the conflict might unfold.
Oil prices keep rising
What remains clear is that the Strait of Hormuz is still largely closed to tanker shipments, and the possibility of additional strikes on energy infrastructure in the Persian Gulf remains.
This disruption has created a significant shock to global energy supply, limiting exports from one of the world’s key oil-producing regions and threatening industries that depend heavily on those imports.
Brent crude, the global oil benchmark, has become a key gauge of the economic impact of the conflict. Prices have surged well above levels seen before the outbreak of hostilities and continued climbing on Friday.
The sustained increase has heightened concerns that rising energy costs could drive global inflation higher, potentially forcing central banks to reconsider interest rate hikes even as economic growth slows.
Gold heading for weekly drop
Gold prices moved higher on Friday but trimmed earlier gains after Trump’s announcement.
By 05:03 ET, spot gold was up 1.2% at $4,427.31 per ounce, while U.S. gold futures rose 1.1% to $4,456.01 an ounce.
Despite the uptick, bullion was still on track to fall about 1.4% over the past week after declining in the previous session.
Higher energy prices could sustain inflation pressures and reinforce expectations that interest rates will remain elevated for longer. Gold often struggles in such high-rate environments.
Carnival earnings in focus
On the corporate front, Carnival Corp. (NYSE:CCL) is set to release its latest earnings on Friday, which may provide insight into how the conflict in the Middle East is affecting businesses.
Analysts say the surge in oil prices triggered by the war could significantly increase fuel expenses for cruise operators such as Carnival.
Cruise lines typically hedge against oil price volatility using financial contracts that lock in fuel costs. However, analysts note that Carnival is the only major U.S. cruise company that does not currently hedge its fuel exposure, potentially leaving its earnings vulnerable to the recent spike in energy prices.
Carnival shares have fallen more than 18% since the start of the year.