Oil futures dropped on Sunday night as markets saw a calm opening following Israel’s launch of a ground offensive in Gaza. Israel had moved at least two miles deep into the Gaza Strip as of Sunday amid concerns a sustained conflict could disrupt global crude supplies if Iran becomes more directly involved or threatens transportation chokepoints. U.S. stock index futures ticked higher, with S&P 500 futures up 0.3% and Dow futures adding 0.2%. Investors worry a wider conflict could see Iran threaten infrastructure or attack facilities in the region while driving up oil prices.
