Late Wednesday, U.S. stock futures edged lower while oil prices surged. Meanwhile, Iran has announced the closure of the Strait of Hormuz and President Donald Trump warned that additional military action could follow if Tehran fails to reach an agreement with Washington.

Dow Futures Dip As Oil Prices Rally On Middle East Tensions

Dow futures fell 50 points, or 0.10%, to 49,940.00, while S&P 500 futures declined 4.00 points, or 0.05%, to 7,274.50 and Nasdaq 100 futures lost 47.50 points, or 0.17%, to 28,506.50 as of around 8:50 p.m. EDT.

In commodities, WTI crude oil climbed 2.60% to $92.37 per barrel, while Brent crude advanced 2.19% to $95.14 per barrel. Natural gas futures were largely flat, slipping 0.03% to $3.184 per MMBtu.

Meanwhile, the U.S. dollar index stood at 99.956, down 0.13%.

Asian markets traded higher, with South Korea's KOSPI rising 3% to 7,499.20 and Japan's Nikkei 225 advancing 1.14% to 63,446.63.

Iran Closes Strait Of Hormuz, Threatens Commercial Shipping

Iran's top military command announced late Wednesday that the Strait of Hormuz would be closed to oil tankers and commercial vessels, warning that any ship attempting to pass through the strategic waterway could come under fire, CNN reported.

On X, CENTCOM said that the statements about Iran attacking U.S. warships in the Strait of Hormuz are false. It also said that the Strait is not closed.

U.S. Central Command tweeted: "CLAIM: Iran's Islamic Revolutionary Guard Corps claims that the Strait of Hormuz is closed. TRUTH: Commercial ships are continuing to transit in and out of the Strait of Hormuz tonight."

In a separate post, CENTCOM added: "CLAIM: Iranian media sources are claiming that Iran has attacked a U.S. warship in the Strait of Hormuz. FALSE. TRUTH: No U.S. warships have been struck."

US Launches New Strikes As Conflict Escalates

According to U.S. Central Command, American forces targeted Iranian surveillance assets, communications systems and air defense sites that officials said posed threats to U.S. personnel and international shipping.

The operation involved Marine Corps, Air Force and Navy assets and began at approximately 5:15 p.m. ET.

U.S. Central Command stated: "U.S. Central Command forces began launching additional self-defense strikes today at 5:15 p.m. ET against multiple targets in Iran at the Commander in Chief's direction. The strikes are in response to Iran's unwarranted and continued aggression."

The strikes came a day after the U.S. launched attacks in response to the reported downing of an American helicopter by an Iranian drone.

Iran Speaks Of Retaliatory Attacks As Trump Signals More Action

Iranian state-affiliated media reported explosions in multiple cities early Thursday, including areas near Tehran, the southern coast near the Strait of Hormuz and Kharg Island, a major oil export hub.

The Islamic Revolutionary Guard Corps said it launched retaliatory attacks against 18 targets, including U.S. military facilities in Bahrain and Kuwait. Bahrain's Interior Ministry reported air raid sirens, though no similar alerts were reported in Kuwait.

Bahrain's Interior Ministry tweeted: "The siren has been sounded ..Citizens and residents are urged to remain calm and head to the nearest safe place."

In a statement carried by Iranian state media, the IRGC said it carried out drone strikes targeting the U.S. Fifth Fleet headquarters in Bahrain and Kuwait's Ali Al Salem Air Base, along with a long-range missile attack on an air base in Azraq, Jordan, Al Jazeera reported.

President Signals More Military Action If There's No Agreement

Trump also told Fox News that U.S. bombing operations could end soon if an understanding is reached with Iran.

However, he warned that military action would continue Thursday night if Tehran does not sign a memorandum of understanding with Washington.

Fox News correspondent Trey Yingst reported: "Spoke with President Trump tonight as he oversaw the U.S. military strikes against Iran from the Situation Room. The President told me he spoke directly with Iranian officials tonight who asked him to stop bombing. 49 Tomahawk missiles had been fired by the United States at..."