U.S. stock index futures edged up on Monday after oil prices pulled back from sharp gains earlier with investors awaiting Iran’s response to U.S. attacks on its nuclear sites.
Over the weekend, the United States launched strikes on Iran’s nuclear facilities, and President Donald Trump hinted at the possibility of regime change in Iran.
Oil prices briefly hit a five-month high amid rising concerns around Iran shutting the Strait of Hormuz, a key oil supply route. Brent futures were nearly flat at $77.06 a barrel as of 05:49 a.m. ET.
Energy stocks rose in premarket trade, tracking a surge in crude prices. Shares of energy majors Chevron rose 0.8% and Exxon gained 1.1%.
Defense stocks also rose, with Lockheed Martin up 0.8%, RTX Corporation gaining 0.9%, Northrop Grumman advancing 1.2% and L3harris Technologies jumping 1.3%.