U.S. equity futures traded lower on Thursday while oil prices climbed after a fresh exchange of military strikes between the United States and Iran undermined hopes for a near-term peace agreement. Investors were also preparing for the release of a closely watched U.

Stock futures were off the lows in premarket trade Thursday after an inflation gauge climbed to a three-year high along with the surge in gas prices. The personal-consumption price index rose to 3.8% from 3.

A report from Reuters stated that the U.S. military had launched overnight strikes in Iran, targeting ‌a military site and drones that were viewed as a threat around the Strait of Hormuz.

Despite the market closure for Memorial Day and other celebrations around the world, futures are exploding on further peace pricing.

US stock futures pointed to a weak opening as tensions in West Asia raised crude oil prices, heightening inflation concerns. S&P 500 futures fell 0.3%, while Nasdaq and Dow futures also declined. Investors await PCE data for insights on future Fed policy amid ongoing geopolitical conflicts.

Futures tied to two of the three major U.S. stock indexes turned higher in premarket trade after an inflation reading increased to a three-year high but a revised

The S&P 500 opened 0.16% lower at 7,508, tech-heavy Nasdaq Composite opened 0.25% lower at 26,612.14, and Dow Jones Industrial Average fell 0.37% to 50,456.10.