Oil futures dropped Sunday night as markets saw a calm opening following Israel’s launch of a ground offensive in Gaza that drew implied threats from Iran amid market fears of a wider conflict that could disrupt global crude supplies.
West Texas Intermediate crude for December delivery CL00, -1.19% CL.1, -1.19% CLZ23, -1.19% fell 84 cents, or 1%, to $84.70 a barrel on the New York Mercantile Exchange. December Brent crude BRNZ23, -1.08%, the global benchmark, was off 92 cents, or 1%, at $89.56 a barrel on ICE Futures Europe, dipping back below the $90-a-barrel threshold.
U.S. stock-index futures ticked higher, with S&P 500 futures ES00, +0.28% up 0.3%, while futures on the Dow Jones Industrial Average YM00, +0.14% added 44 points, or 0.1%. Iranian President Ibrahim Raisi, in a post on X written in English, said Saturday that Israel had “crossed the red lines, which may force everyone to take action.”