Stock market today: Dow, S&P 500, Nasdaq futures climb as oil rises with US and Iran targeting energy infrastructure

US stock futures climbed early Monday as markets looked to stabilize after another weak week for equities, while keeping a close watch on surging oil prices from the war between the US and Iran.

Dow Jones Industrial Average futures (YM=F) rose 0.3%, while S&P 500 futures (ES=F) and Nasdaq 100 futures (NQ=F) gained around 0.5% and 0.6%, respectively.

The cautious start to the week follows a third straight weekly decline for the S&P 500 (^GSPC), which finished Friday at its lowest level of the year and lowest point since November.

Oil prices continued their rise as the US-Israeli war with Iran continues to halt traffic through the Strait of Hormuz. In the latest development, US attacks on Kharg Island — Iran’s main export hub — have deepened immediate supply fears while also posing future risks as Iran promises retaliation against US energy facilities in the region.

Futures for both the US and international crude benchmarks climbed above $100 a barrel for the first time since 2022 in early trading Monday. West Texas Intermediate (CL=F) advanced almost 2% to hold above that level, while Brent (BZ=F) crude rose nearly 3% to hover below $106.

Investors will also be watching domestic corporate and policy events this week. Nvidia’s (NVDA) annual GTC conference kicks off Monday with a keynote speech from CEO Jensen Huang, while the Federal Reserve is scheduled to hold its second policy meeting of the year. Markets widely expect the central bank to leave interest rates unchanged.