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U.S. stock futures fell on Thursday, weighed by higher oil prices, as traders followed the latest developments out of the Middle East.

Futures tied to the Dow Jones Industrial Average fell 413 points, or 0.9%. S&P 500 futures and Nasdaq 100 futures shed 0.9% and 1.1%, respectively.

Crude prices rose on Thursday, putting pressure on equities. Brent futures jumped 3.8% to $106.07 per barrel. West Texas Intermediate futures climbed 3.5% to $93.45.

President Donald Trump said in a Truth Social post that Iran “better get serious soon, before it is too late, because once that happens, there is NO TURNING BACK, and it won’t be pretty.” Trump also labeled Iranian negotiators as “very different” and “strange,” claiming they were “begging” the U.S. to make a deal to end the now four-week war.

This comes after Iran’s foreign minister reportedly told state media on Wednesday that top authorities in the Middle Eastern nation are reviewing an American proposal to end the war, but Tehran has no intention of having talks with the U.S.

Meanwhile, Gulf countries issued a joint statement Thursday condemning Iran’s “criminal” strikes on their energy infrastructure. They added that they are ready to defend themselves going forward.

“While we value our fraternal relations with the Republic of Iraq, we call on the Iraqi government to take the necessary measures to immediately halt the attacks … toward neighboring countries,” the joint statement said.

Wall Street is coming off a winning session, putting the major averages on track for a winning week, even in the face of the contradictory statements made by the U.S. and Iran regarding peace talks between the two sides.

Tobin Marcus, head of U.S. policy and politics at Wolfe Research, believes the recent market moves signal that investors are betting Iran is the one that could be “lying.”

Markets “seem to be concluding that Iran’s negative public message may be a smokescreen for a more accommodating private posture,” he wrote in a note. “We’re not so sure, and the ambiguity can’t last much longer amid Trump’s 5-day deadline for talks.”

— CNBC’s Kevin Breuninger contributed reporting.