Oil Dips as US-Iran Deal Offers Gas Price Relief

U.S. stock futures signaled an increase on Thursday morning, with traders aiming to recover from a sharp sell-off that occurred the previous session. The signing of an interim agreement between the U.S. and Iran contributed to a decline in oil prices, providing some relief at the gas pump.

AAA data indicated that the national average price for a gallon of gasoline fell below $4 for the first time since April, a development linked to crude oil prices retreating. This follows Wednesday's market downturn after the Federal Reserve maintained current interest rates but signaled a more aggressive posture regarding future increases.

The Federal Reserve's revised "dot plot" indicated a median projected year-end rate of 3.8%, an increase from the 3.4% projected in March, suggesting borrowing costs could rise at least once more before the year concludes. CME Group futures pricing showed a 64% probability of a September rate increase.

Semiconductor shares experienced some of the most significant premarket movements. Intel surged after President Donald Trump announced a domestic chip-design partnership between Intel and Apple. Other Asian markets also saw gains, with Tokyo's Nikkei 225 advancing and Seoul's Kospi rising. The Bank of England also kept its benchmark rate unchanged, with central banks globally expressing caution about ongoing inflationary pressures from the war.