US stock market today: Dow, S&P 500 futures drop up to 1% as oil rally and Middle East risks hit sentiment

US stock futures fell up to 1% as crude oil prices rallied up to 6% following renewed Middle East tensions, with the US launching strikes on Iran and Iran retaliating against US military sites in Bahrain and Kuwait. President Trump declared the June ceasefire and MoU with Iran effectively over, reviving fears of a broader West Asian conflict and disruptions to global energy supplies via the Strait of Hormuz. Brent crude climbed to an intraday high of $78 while WTI touched $74.74, and investors also await the Federal Reserve's June meeting minutes for policy direction.