U.S. equity futures were trading near unchanged levels on Friday after President Donald Trump said the United States would delay a deadline for potential strikes on Iranian energy infrastructure. Washington is demanding that Tehran reopen the Strait of Hormuz, and Trump said discussions with Iran are continuing even as violence in the Middle East persists. Oil prices extended their gains, while gold appeared headed for a weekly decline.
Futures show little movement
Futures tied to the main U.S. indexes edged modestly higher early Friday after Trump said Iran now has until April 6 to reopen the Strait of Hormuz or risk attacks on its power facilities.
At 04:23 ET, Dow futures were up 27 points, or 0.1%. Futures linked to the S&P 500 gained 8 points, also around 0.1%, while Nasdaq 100 futures advanced 16 points, roughly 0.1%.
Wall Street’s major benchmarks had fallen sharply in the previous session, recording one of their worst performances of the year so far. The decline came amid limited signs that diplomatic efforts to resolve the nearly month-long conflict involving U.S. and Israeli forces against Iran were making meaningful progress.
Hostilities across the Middle East have continued, leaving the Strait of Hormuz effectively closed to tanker shipments and sustaining fears of additional attacks on crucial energy infrastructure in the region. Israel and Iran exchanged strikes again on Friday, while the Pentagon has reportedly been increasing its military presence in the area ahead of what some investors fear could become a U.S. ground operation in Iran.
A report from the OECD released Thursday warned that the war could weaken the global economic outlook, noting that a surge in energy prices might trigger stronger inflationary pressures and weigh on economic expansion.
Outside the geopolitical tensions, analysts at Vital Knowledge pointed to developments in the artificial intelligence industry, highlighting OpenAI’s decision to step away from some consumer-focused products. They suggested this may indicate that start-ups in the rapidly expanding AI sector are shifting their focus toward profitability and cash generation rather than simply building user bases.
“[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 targets
Despite other developments, markets remain primarily focused on the situation involving Iran, particularly Trump’s decision to extend the White House deadline for potential strikes on Iranian power facilities until April 6.
In a message posted on Truth Social, Trump said the delay came at the request of the Iranian government and claimed that Tehran was engaged in “ongoing” discussions with Washington that are “going very well.” He dismissed reports suggesting otherwise as “erroneous.”
Last weekend, Trump issued an ultimatum warning that U.S. forces would strike Iranian power plants if the Strait of Hormuz — a crucial route carrying roughly one-fifth of the world’s oil — was not reopened. He later indicated that any action would be postponed until Friday following what he described as “very strong” talks with Iranian officials.
Iranian authorities, however, have publicly denied that negotiations with the United States are taking place.
Some observers argue that both sides may be presenting incomplete accounts of events, leaving investors uncertain about the future direction of the conflict.
Oil prices continue rising
What remains clear is that tanker movements through the Strait of Hormuz are still heavily restricted and the threat of further attacks on energy facilities in the Persian Gulf remains.
The disruption has created a major shock to global oil supply, limiting exports from one of the world’s most important energy-producing regions and affecting industries that rely on those imports.
Brent crude — the global oil benchmark — has become a central indicator of the war’s economic impact. Prices have climbed far above levels seen before the conflict began and continued to move higher on Friday.
The sustained rally has heightened concerns that higher energy costs could drive global inflation upward, potentially forcing central banks to reconsider raising interest rates even as economic growth slows.
Gold set for weekly loss
Gold prices rose on Friday but gave back part of their earlier gains following Trump’s announcement.
By 05:03 ET, spot gold had increased 1.2% to $4,427.31 per ounce, while U.S. gold futures were up 1.1% at $4,456.01 per ounce.
Even with Friday’s advance, bullion remained on course to decline around 1.4% over the week after slipping in the previous session.
Persistently high energy costs could keep inflation elevated and strengthen expectations that central banks will keep borrowing costs higher for longer. Gold often struggles in such high-rate environments.
Carnival results due
On the corporate side, Carnival Corp. (NYSE:CCL) is scheduled to report earnings on Friday, potentially offering insight into how the conflict in the Middle East is affecting businesses.
Analysts say the sharp increase in oil prices caused by the war is likely to raise fuel expenses for cruise operators such as Carnival.
Cruise companies typically hedge against oil price volatility by using financial contracts that lock in fuel costs. However, analysts note that Carnival is the only major U.S. cruise line that does not currently hedge its fuel exposure, potentially leaving its earnings more vulnerable to the recent surge in energy prices.
Shares of Carnival have fallen by more than 18% so far this year.
