Stock futures fell on Tuesday, while oil prices pared losses as traders kept a close eye on the latest developments out of Iran. Futures tied to the Dow Jones Industrial Average slid 164 points, or 0.4%. S&P 500 futures declined 0.3%, while Nasdaq 100 futures slid 0.2%. President Donald Trump on Monday evening said, “We’re achieving major strides toward completing our military objective,” reinforcing earlier comments that the military campaign could soon end. Speaking at a press conference at his golf club near Miami, Trump also said, “We are also focused on keeping energy and oil flowing to the world.” On Tuesday, Defense Secretary Pete Hegseth said, “Today will be our most intense day of strikes inside Iran.” He also said that Iran is “badly losing.” Meanwhile, the speaker of Iran’s parliament, Mohammad-Bagher Ghalibaf, wrote in a post on X that the Middle Eastern country is not looking for a ceasefire, according to a translation. Stocks staged a stunning comeback on Monday from their session lows after Trump told CBS that “the war is very complete, pretty much.” The president also told CBS News that the U.S. is “very far” ahead of his previously stated timeframe of four to five weeks and that he is “thinking about” taking over the Strait of Hormuz. The comments sent crude lower and gave stocks a boost. “This is just a real clear indication that oil’s in the driver’s seat in the near term. Just from peak to trough, in one day, we saw oil prices correct down 30%, and risk assets, and specifically the stock market, rally throughout the news,” Matt Stucky, Northwestern Mutual chief portfolio manager, said Monday. On Tuesday morning, energy ministers from the Group of Seven nations — specifically Canada, France, Germany, Italy, Japan, the United Kingdom and the U.S. — are set to meet virtually to discuss a potential release of strategic oil reserves. It comes after G7 finance ministers met to discuss the situation on Monday. In a statement, International Energy Agency Executive Director Fatih Birol — who attended the meeting — said the conflict in the Middle East was “creating significant and growing risks for the market,” but said various options, including freeing up IEA emergency oil stocks, had been discussed. Amin Nasser, CEO of Saudi oil giant Aramco, told an earnings call on Tuesday that the Iran war will have “catastrophic consequences for the world’s oil market.” In a note on Tuesday morning, Paul Gooden, head of global natural resources at Ninety One, said oil prices could spike above $120 a barrel if the disruption to the market is extended. “Oil prices could spike further until higher prices begin to curb demand,” he said. “At that point, consumers and businesses change behaviour: driving less, flying less, or shifting to alternative energy sources. That process of “demand destruction” has historically acted as a natural ceiling for sustained price spikes.” The 10-year Treasury yield was little changed on Tuesday as oil prices tumbled after President Donald Trump warned that Iran would be hit “TWENTY TIMES HARDER” if it attempted to halt shipments through the Strait of Hormuz. The yield on the 10-year Treasury fell less than 1 basis point to 4.132%. The 30-year Treasury bond rose more than 2 basis points to yield 4.767%. The 2-year Treasury note yield declined more than 2 basis points to 3.567%. South Korea’s Kospi opened more than 5% higher Tuesday, leading a rebound in the region, after oil prices fell and Wall Street bounced back as U.S. President Donald Trump signaled the conflict with Iran could be nearing its end. Other Asia stock indexes also gained. The small-cap Kosdaq added over 4%. Australia’s S&P/ASX 200 rose 1.35% in early trade. Japan’s Nikkei 225 jumped 1.66%, while the Topix gained 1.3%. Hong Kong’s Hang Seng index rose 1.56%, while the CSI 300 gained 0.9%. U.S. crude oil hovered around $90 per barrel on Tuesday, as investors assessed comments from U.S. President Donald Trump on the war in the Middle East and on oil flows through the critical Strait of Hormuz. Brent crude was down 5.72% at $93.30 per barrel as of 8:13 a.m. ET. U.S. crude oil fell 4.75% to $90.27 per barrel. The declines come after oil surged past $100 on Monday. Gold rose 1% ​on Tuesday, as inflation fears ​receded after oil fell following U.S. President Donald Trump’s remarks that the Middle East war could “end soon”, while a weaker U.S. dollar and easing Treasury yields also provided support. Spot ⁠gold ‌was trading at $5,189.24 per ounce. U.S. gold futures for April delivery rose 1.9% to $5,199.70.