Oil Tops $98 a Barrel, Tech Earnings Worry Markets

U.S. stock futures fell as global oil benchmark Brent crude topped $98 a barrel after escalating Gulf tensions.

The U.S. amassed forces in the Middle East following strikes on Iran for a 12th consecutive day, while Houthi rebels hit two Saudi oil tankers in the Red Sea.

Higher oil prices added to inflation concerns, with Treasury yields holding close to multimonth highs.

Alphabet and Tesla shares fell in after-hours trade over investor worries about the scale of their spending on artificial intelligence.

Traffic through the Strait of Hormuz fell sharply, and some vessels rerouted to avoid the Red Sea after Houthis announced a maritime blockade against Saudi Arabia.