Dow futures rose on Thursday as oil prices steadied after surging in the previous session, with markets reassessing the outlook for Middle East energy supplies despite renewed U.S.-Iran hostilities.
Stock futures were on the rise in early trading on July 9, 2026, according to Morningstar’s morning briefing. Brent crude futures, which had jumped above $80 a barrel on Wednesday following President Trump’s announcement that the ceasefire with Iran was over, retreated to just above $77 per barrel by Thursday morning.
The U.S. and Iran exchanged fire on Wednesday night after Trump pronounced the end of an eight-week ceasefire. The U.S. struck 90 military targets near the Strait of Hormuz, according to U.S. Central Command, while Iran fired on Kuwait and Bahrain, which host American military bases. Despite the escalation, oil prices stabilized on Thursday, with Brent rising just 0.33% to $78.28 per barrel, according to Trading Economics.
The market’s muted reaction to fresh hostilities reflects a shift in investor sentiment. “The market has become accustomed to the tensions and the disruptions in the Strait of Hormuz,” Swissquote said in analysis cited by Morningstar. “The surprise factor is much smaller than it was at the beginning, and the market’s overreaction is therefore more limited.”
Oil prices had surged 5.2% on Wednesday, marking their strongest daily gain since May, as traders initially reacted to Trump’s declaration that the ceasefire was over and his threat of additional strikes on Iran and a new blockade of Iranian oil exports. The U.S. had revoked a general license allowing Iran to sell crude oil, raising concerns about fresh disruptions to global energy supplies. However, the extent of actual disruption to flows through the Strait of Hormuz remained uncertain, with vessel tracking data showing only a modest decline in transits.
For equity markets, the relative stability in oil prices on Thursday morning supported a cautious recovery. Investors were also watching weekly U.S. initial jobless claims data and existing home sales figures, while the Federal Reserve’s latest meeting minutes showed policymakers were divided over the future path of interest rates. Jefferies noted that the minutes were more balanced than recent hawkish signals, with the firm expecting “the next move to be a cut (potentially next year)” as long as oil prices don’t spike significantly.
Sources
- Morningstar — Stock futures direction and oil price levels on July 9; U.S.-Iran military actions and Trump ceasefire statement; Swissquote market commentary on investor adaptation to tensions; Fed policy outlook.
- Trading Economics — Brent crude oil price at $78.28 on July 9, 2026, up 0.33% from previous day; 5.2% prior-session gain; vessel transit tracking data.
- U.S. Central Command — Confirmation of 90 military targets struck in Wednesday strikes on Iran.
