Oil prices remained above $100 per barrel Tuesday while Wall Street futures rebounded, as the United States and Iran exchanged military strikes in the fifth week of their ongoing conflict.

In premarket trading, S&P 500 and Dow Jones Industrial Average futures each rose 0.9%, while Nasdaq futures gained 0.8%. U.S. strikes targeted a city hosting one of Iran’s main nuclear sites, producing a massive fireball, while Tehran launched an attack on a fully loaded Kuwaiti oil tanker in the Persian Gulf.

The ongoing war, now more than a month old, has claimed over 3,000 lives and disrupted global oil and gas supplies. Brent crude edged up to $107.56 per barrel, and U.S. benchmark crude rose to $103.71 per barrel, with Brent crude surging more than 40% since the start of the conflict in late February.

Drone strike on Kuwaiti tanker in UAE sparks fire, no casualties reported

Rising energy costs pushed average U.S. gasoline prices past $4 per gallon Tuesday, the first time since 2022. Meanwhile, official data showed Europe’s inflation rate jumped to 2.5% in March from February’s 1.9%.

Disruptions in maritime traffic at the Strait of Hormuz, which handles roughly a fifth of the world’s oil, remain a critical concern for global energy markets. U.S. Secretary of State Marco Rubio said President Donald Trump has “options available” in response to Tehran’s attempts to control the strait.

In equities, McCormick shares rose 3% amid speculation it would acquire Unilever’s food division, while Unilever shares edged up less than 1%. Separately, Sysco announced a $29 billion acquisition of supplier Jetro Restaurant Depot.

European markets saw moderate gains with Britain’s FTSE 100 up 0.9%, France’s CAC 40 up 0.5%, and Germany’s DAX up 0.6%. In Asia, Tokyo’s Nikkei 225 fell 1.6%, South Korea’s Kospi dropped 4.3%, Hong Kong’s Hang Seng gained 0.2%, and Shanghai Composite slipped 0.8%.

Precious metals rose as gold increased 0.6% to $1,584.10 an ounce, while silver surged 3.7% to $73.17 per ounce. The U.S. dollar weakened slightly against the Japanese yen, trading at 159.64, and the euro edged up to $1.1468.