US stock futures rise, oil surges on tanker attacks

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Reports that two oil tankers near the strategic Strait of Hormuz were attacked on Thursday, has sent oil rising and is giving a boost to oil producers.

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Dow Jones Industrial futures are higher by 0.3 percent, S&P 500 futures gained 0.3 percent and Nasdaq futures added 0.5 percent.

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One of the tankers carried oil bound for Japan, whose Prime Minister Shinzo Abe was wrapping up a high-stakes visit in Tehran that sought to ease tensions between Iran and the United States.

A third of all oil traded by sea passes through the strait, which is the narrow mouth of the Persian Gulf.

Ticker Security Last Change %Chg
XOM EXXON MOBIL CORPORATION 74.03 -0.81 -1.08%
CVX CHEVRON CORP. 120.19 -0.98 -0.81%
PSX PHILLIPS 66 83.25 -1.46 -1.72%

Brent Crude prices rose as much as 4 percent, while U.S. crude added 3 percent. This comes a day after oil plunged more than 4 percent, weighed down by a weaker outlook for demand and a rise in U.S. crude inventories despite expectations of extended supply cuts led by OPEC.

In Asia on Thursday, China’s Shanghai Composite finished the day flat, rebounding from early losses. Hong Kong’s Hang Seng fell as much as 1.8 percent, then rebounded for a slight gain of 0.1 percent. Japan’s Nikkei ended the day 0.3 percent higher.

In Europe, Britain’s FTSE 100 was up 0.3 percent,  France’s CAC 40 added 0.1 percent and Germany’s DAX rose by 0.5 percent.

Ticker Security Last Change %Chg
I:DJI DOW JONES AVERAGES 26004.83 -43.68 -0.17%
SP500 S&P 500 2879.84 -5.88 -0.20%
I:COMP NASDAQ COMPOSITE INDEX 7792.719474 -29.85 -0.38%

U.S. stocks closed modestly lower Wednesday as tech stocks slumped and oil continued to unwind, closing at the $51 per barrel level.

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Wall Street sentiment was also burdened by concerns about what the Federal Reserve will do with interest rates when it meets next week.

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