Hassett Speaks Repeatedly to Reassure Markets, Three Major US Stock Index Futures Continue to Rise
TradingKey - At 9:30 AM ET, futures for the three major U.S. indices opened lower but trended higher. Hassett previously stated that oil tankers have "begun passing through the Strait of Hormuz sporadically," and if necessary, the scale of a globally coordinated release of strategic petroleum reserves could be expanded.
Additionally, he stated that oil prices will return to the $50s per barrel later this year, while Brent crude futures currently remain above $100 per barrel.
Prior to this, Trump had repeatedly promised "escorts," attempting to suppress rising oil prices through verbal intervention.
Oil prices rebounded after experiencing their first decline in nearly a week. Reports that Iran has ramped up attacks on energy infrastructure around the Persian Gulf drove oil and gas stocks higher in pre-market trading.
MG7 opened mixed.
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