All four major averages extended their losing streak to three weeks as Iran maintained its Hormuz posture, oil gained another 3%, and Adobe's CEO exit amplified the tech selloff.

Futures are bouncing cautiously after Thursday's worst session of 2026, but oil above $100 and a sticky core PCE print leave the Fed no room to cut next week.

All four major averages hit calendar-year lows Thursday as WTI surged 9.7% and private credit stress added a second front of selling.

Brent crude briefly crossed $100 after Mojtaba Khamenei broke silence to demand the strait stay closed; IEA's 400M-barrel reserve release hasn't moved prices, the US Navy isn't ready to escort tankers, and equity futures are down 0.4–0.9% with private credit stress adding a second front.