US ends all exemptions from Iran oil sanctions

U.S. stock index futures were slightly higher Tuesday morning, as market participants await a flurry of corporate earnings.

At around 02:00 a.m. ET, Dow futures rose by 23 points, indicating a positive open of more than 27 points. Futures on the S&P and Nasdaq were both seen marginally higher.

Oil prices jumped more than 2% in the previous session, hitting their highest level this year amid intensifying concern about global supplies. It comes after the U.S. announced a further clampdown on Iran’s oil exports.

The world’s largest economy said Monday that from May 1, it would eliminate all waivers allowing eight economies to buy Iranian oil without facing U.S. sanctions.

International benchmark Brent crude traded at $74.40 Tuesday morning, up around 0.5%, while U.S. West Texas Intermediate (WTI) stood at $65.93, almost 0.6% higher.