Stock Futures to Begin Another Week of Iran Uncertainty

Stocks are set to start a new week of trading in New York on Monday. (NYSE)

Stock futures and oil markets are poised to begin trading later on Sunday to start another week of Iran war-related uncertainty, including a set of demands Iran made to reopen the Strait of Hormuz.

Iran’s Foreign Minister Abbas Araghchi on Sunday said that talks with the U.S. aren’t taking place and won’t until the Trump administration stops violating commitments and compensates Iran for violations it has made, the Islamic Republic News Agency reported.

Araghchi told reporters that the two sides were exchanging messages through intermediaries, but stressed that they shouldn’t be called negotiations.

Iranian representatives are demanding a long list of U.S. actions to reopen the Strait of Hormuz, former Defense Secretary Mark Esper told ABC’s This Week. He said the demands, including withdrawing U.S. forces from the region and repaying Iran’s costs in the war, have “gone beyond the pale,” showing that Iran believes it has leverage.

“They believe they are winning, and they are already,” he told ABC News. “So that’s what we’re up against right now.”

Oil prices hovered at $83.55 a barrel for Brent crude and around $77 a barrel for WTI as of Friday. Gasoline prices at the retail pump are at about $4.012 a gallon on Sunday, down from $4.096 a week ago but up from $3.146 a gallon a year ago, according to AAA.

This week’s economic highlight will be the consumer price index for July, which the Bureau of Labor Statistics will release on Wednesday.

The Dow Jones Industrial Average ended last week up nearly 3%, at 54036.93, the third highest close in history, and posting the largest two-week point and percentage gain since the week ended April 17, according to Dow Jones Market Data. The Dow is up 12.4% this year.

The S&P 500 Index ended the week up 3.6%, at 7757.64, notching a new record close and its 26th record close this year. The S&P 500 is up 13.3% year to date.

The tech-heavy Nasdaq Composite ended the week up 5.2%, at 26690.62, in its largest one-week point and percentage gain since the week ending April 17. The Nasdaq is up 14.8% this year.

Write to Janet H. Cho at janet.cho@dowjones.com

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