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Oil, Stocks Rise as Mideast Tensions and Jobs Data Loom

Wall Street Journal Markets •
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Brent crude climbed back toward $114 a barrel, recovering from an Asian dip, as U.S. stock futures pointed to a higher opening in volatile trade. The rebound followed President Trump's reported willingness to end the conflict, though a Kuwaiti tanker strike by Iranian drones near Dubai underscored persistent Gulf threats. Investors will scrutinize February job openings data for pre-conflict U.S. economy health. WTI crude rose 0.1% to $103, while Brent for May delivery gained 0.6% to $113.51. Analysts caution de-escalation won't quickly restore Hormuz flows, keeping crude tight. U.S. stock futures jumped: Dow up 1.1%, S&P 500 1% higher, Nasdaq 0.9% up as tech giants pared losses. Nvidia and Microsoft gained premarket.

The Kuwaiti tanker attack near Dubai, attributed to Iranian drones, injects fresh volatility into oil markets already reacting to conflicting Mideast signals. While Trump's reported stance offers hope for reduced conflict, the incident highlights enduring risks to Gulf shipping. This tension, coupled with the upcoming jobs report, creates a complex backdrop for investors assessing growth prospects. The yen's steadiness against the dollar reflects traders' focus on potential BoJ intervention confirmation.

The market's reaction to both the oil price rebound and stock futures gains suggests investors are cautiously optimistic about near-term stability, despite the ongoing geopolitical risks. The job openings data due Tuesday will be a critical litmus test for U.S. economic resilience independent of the Mideast conflict. While Nvidia and Microsoft led tech gains, broader market gains were tempered by lingering concerns about sustained crude tightness and potential escalation. The week ahead hinges on whether the tanker incident escalates or de-escalation efforts gain concrete traction.