US stock futures rose Monday morning as Wall Street headed into a holiday-shortened trading week, with investors bracing for fresh economic data amid lingering consumer uncertainty.

Contracts linked to the S&P 500 (ES=F) gained 0.5%. Those linked to the Dow Jones Industrial Average (YM=F) edged higher by 0.5%, while Nasdaq 100 futures (NQ=F) rose 0.4%, after the indexes closed out last week on a sour note and the Dow joined the Nasdaq in correction territory.

Oil prices climbed on Monday after President Trump told the Financial Times that his preference would be for the US to control the oil industry in Iran “indefinitely.” Brent (BZ=F) rose 2% to $107 a barrel, and West Texas Intermediate (CL=F) followed, gaining nearly 2% to trade above the $100 mark.

Trump told reporters on Air Force One on Sunday that Iran “gave” the US most of the 15 demands it issued to Tehran to end the war.

Attention this week is dialed in to results from several labor market indicators, including the Job Openings and Labor Turnover Survey (JOLTS) and the ADP private payrolls report. The March jobs report is also due, even as markets will be closed Friday for the Good Friday holiday, and it will take on heightened significance as investors seek balance after the January-February whipsaw in job numbers.

On the corporate front, earnings from Nike (NKE) may provide insight into consumer trends, while USA Rare Earth (USAR) and Trilogy Metals (TMQ) will offer a health check on the minerals industry.

Oil prices held near their session highs on Monday morning as a series of headlines from the Gulf stoked fears that the war could escalate sharply and that the market may get even tighter than it already is.

Futures on Brent crude (BZ=F), the international pricing benchmark, traded around $115 per barrel, up 2.6% on the session, according to Bloomberg data. Those on the US benchmark West Texas Intermediate (WTI) crude (CL=F) traded up by 1.75% to change hands around $101.40 per barrel.

Two headlines have dominated the oil trade since futures opened for trading at 6 p.m. ET on Sunday.

The first of those is the entrance of the Houthis, an Iran-backed proxy militia based in Yemen, threatening safety in the Bab el-Mandeb Strait between Yemen and Djibouti. With the Strait of Hormuz effectively closed by the Iranian militia, Saudi Arabia's East-West Pipeline, which runs across the kingdom to the port of Yanbu on the Red Sea, has become the most important diversion path for crude supplies.

To get out of the Red Sea, oil tankers must transit the Bab el-Mandeb Strait, within striking distance of the Houthis. Insurance costs for Red Sea routes are climbing, and shipowners are already pulling back from sending their cargoes through the strait. If the Bab el-Mandeb were to be choked off, the global market would lose another 7 million barrels per day — the full capacity of the East-West Pipeline — of supply.

The second of those is renewed threats of widespread violence against Iran's domestic infrastructure from President Trump, as well as an increasing number of US soldiers sent to the Gulf region. In a Truth Social post on Monday morning, Trump said the US is "in serious discussions" to end the military operation in Iran; however, he threatened that if a deal is not reached shortly, the US would obliterate Iran's key desalination and energy infrastructure.

Iran's strikes on aluminum plants in the United Arab Emirates (UAE) and Bahrain over the weekend pushed aluminum prices higher on Monday morning, as the industry braced for supply constraints.

The Middle East supplies around 9% of the world's aluminum, which is used in automobiles, construction, and packaging, among other uses. On Saturday, two of the region's top suppliers said they sustained damage to their facilities. Aluminum futures jumped over 4% to trade at $3,341.

Since the war in the Middle East began, aluminum prices have reached their highest levels since 2022, as the Strait of Hormuz closure has restricted exports to the US and Europe.

Shares of aluminum smelters also surged on the expectation of higher prices on Monday. Shares of US-based Alcoa (AA) and Century Aluminum (CENX) rose 9% in premarket trading.

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Aluminium maker Alcoa (AA) stock rose 8% before the bell on Monday after news broke that two Middle East aluminium makers had been hit by Iranian attacks, raising concerns about supply disruptions.

BJ's (BJ) stock fell 10% before the bell as investor sentiment soured due to reports of sluggish mid-year consumer spending.

Leidos (LDOS) shares rose 6% during premarket hours today. A recent 13F filing revealed that UBS Group has reduced its stake in the company, selling 58,303 shares and holding 533,824 shares valued at about $96,301,860.

Strategy (MSTR) stock edged higher by 2% following bitcoins rise to $67,000. Strategy is one of the largest corporate holders of the cryptocurrency.

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