Stock futures fell on Wednesday, pressured by a rise in oil prices, as investors looked ahead to another busy day of corporate earnings.

Futures tied to the Dow Jones Industrial Average
 dipped 102 points, or 0.2%. S&P 500 futures
 and Nasdaq-100 futures
 were down 0.4% and 1%, respectively.

Brent crude futures
 rose 3% to trade above $94 per barrel, hitting their highest levels in over a month and briefly topping $95. West Texas Intermediate futures
 climbed 3% to above $86 per barrel.

Oil prices traded higher following the 11th straight round of U.S. strikes against Iran, with Secretary of State Marco Rubio saying Iran is “not serious about talks.”

“If they’re serious, we’re serious. If they’re not, then we will do what is necessary to protect our interests and also the interests of our allies,” he said.

Rubio also said that American forces would “continue to protect shipping” through the Strait of Hormuz.

Traders have kept an eye on oil as they fear it could keep consumer goods prices elevated — which may lead the Federal Reserve to raise rates.

As of Wednesday morning, fed funds futures traders were pricing in a 27% chance of a rate hike from the Fed this month. Traders were also pricing in a 70% chance of at least a quarter-point hike in September.