Oil prices surge, stock futures flat as fighting between U.S. and Iran intensifies

Oil prices rose sharply Sunday as fighting between the U.S. and Iran intensified, increasing concern about disruption in the Middle East. U.S. stock-index futures were little changed, suggesting equity markets had not yet priced a decisive risk-off move ahead of Monday’s cash session.

The immediate tension is between a geopolitical energy shock and the support that investors may still expect from major technology earnings due this week. Higher crude prices can feed into inflation expectations, input costs and interest-rate concerns, while strong technology results could help keep index performance relatively resilient.

With no ticker-specific enrichment available, the trade signal is macro rather than company-specific. The key question is whether oil’s move persists and begins to pressure rates, transport and consumer-sensitive sectors, or remains contained while earnings dominate positioning.

The next catalysts are developments in U.S.-Iran fighting, any evidence of supply or shipping disruption, the reaction in Treasury yields and the week’s technology earnings. Flat futures leave the direction unresolved rather than confirming that equities have absorbed the escalation.