Wall Street futures pointed to modest gains Tuesday after a sell-off last week, as oil prices retreated. This was reported by Qazaqyia.kz citing Associated Press.
Futures for the S&P 500 added 0.4%, while futures for the Dow Jones Industrial Average inched up less than 0.2%. Nasdaq futures jumped 0.8%.
The price for a barrel of Brent crude oil, the international standard, fell $1.42 to $92.83 per barrel. It had briefly topped $98 overnight.
U.S. benchmark crude shed $1.68 to $89.62 per barrel, remaining elevated since the U.S. and Israel attacked Iran in late February. A barrel of U.S. crude was less than $70 before the war began.
Major airlines, which have been punished by soaring fuel costs, are on the rise. U.S. airlines spent more than $6 billion on jet fuel in April, up 78% from a year earlier. Delta, American and United all gained between 1% and 2% overnight.
Since conflict erupted in the Middle East earlier this year, much of the shipping traffic through the Strait of Hormuz — a critical oil transit route bordering Iran — has remained effectively halted, pushing up the price of oil and jet fuel.
The airline industry's top global trade group warned that soaring energy costs could nearly halve profits in 2026, even as major carriers have raised airfares and fees.