U.S. index futures are falling across the board as global oil prices reverse course and climb.
As of 1:40 p.m. (South Korean time) on Tuesday, Dow futures are down 0.31%, S&P 500 futures have slipped 0.32%, and Nasdaq futures have declined 0.38% in New York trading.
Earlier in the morning, index futures had shown only modest weakness.
However, as oil prices began to rise, all futures appear to be extending their losses.
Concurrently, in Asian trading, West Texas Intermediate (WTI) crude futures have surged 2.58% to 95.91 USD per barrel, while Brent crude futures have jumped 2.71% to 102.93 USD per barrel.
Earlier, WTI had plunged about 5% in U.S. trading, falling to the 93 USD range.
The rebound in oil prices seems to be triggered by a Wall Street Journal (WSJ) report stating that U.S. allies have repeatedly rebuffed requests for troop deployments.
The WSJ analysis suggests that allies’ reluctance to intervene stems from their resentment towards previous U.S. leadership, which had mocked them and leveraged economic and military influence to achieve its objectives.