S&P 500 futures test the 200-day MA as oil prices surge on Middle East tensions, sparking selling across US stock futures before Wall Street opens.

Futures rose amid a reported plan for a record release of crude oil reserves. Oracle jumped on earnings late.

The oil market is worried that Gulf countries will have to shut production if tankers are unable to pass through the Strait of Hormuz.

Trump administration officials aren’t prioritizing having the Treasury Department trade oil futures as the White House weighs a long list of options to relieve pressure on global energy prices, according to a person familiar with the matter.

WTI crude oil futures are trading near $120 per barrel tonight, and the energy market is staring down a historic moment. Just three weeks ago, oil was sitting at $66 per barrel on February 20. Tonight,

Stock futures hovered near the flatline shortly after 6 p.m. ET on Tuesday. Futures tied to the S&P 500 and Nasdaq-100 futures each gained 0.08%. Futures tied to the Dow Jones Industrial Average added 3 points, or less than 0.1%.

A shaky start to the week is in store for financial markets after the U.S. and Israel attacked Iran over the weekend.

Oil prices were on a roller coaster ride on Tuesday as the administration offered mixed messages about oil flows through the Strait of Hormuz.

Oil futures gave up gains as President Trump said the U.S. Navy will escort tankers if necessary through the Strait of Hormuz, which has seen traffic grind to a halt because of the conflict with Iran.