Oil climbs and stock futures drop as fuel shortages spread while Trump makes series of apocalyptic threats against Iran ahead of moving deadline

After stocks notched the first positive week since the U.S.-Israel war on Iran started over a month ago, Wall Street is weighing another round of threats and the latest deadline from President Donald Trump.

Futures tied to the Dow Jones industrial average fell 284 points, or 0.61%. S&P 500 futures were down 0.57%, and Nasdaq futures lost 0.56%.

U.S. oil futures rose 1.9% to $113.69 a barrel, and Brent crude climbed 1.8% to $110.99. The national average gasoline price reached $4.11 a gallon on Sunday, according to AAA, up from $2.98 before the war.

In Europe, which depends heavily on Mideast refiners for jet fuel, shortages forced Italy to limit supplies at several airports. That’s after several countries in Asia have already started rationing energy.

The U.S. dollar was up 0.07% against the euro and up 0.16% against the yen. The yield on the 10-year Treasury was flat at 4.345%.

The conflict has entered its sixth week, reaching the end of Trump’s earlier timeline for the war to last four to six weeks.

But Tehran shows no signs of relinquishing its grip over the Strait of Hormuz, even as it allows a growing trickle of tankers through, while Trump appeared...