The Australian sharemarket is set for an uncertain start as US President Donald Trump announced that negotiations with Iran regarding the ongoing conflict will not be rushed. This statement has dampened hopes for a quick resolution, particularly concerning the blockade on Iranian ships in the Strait of Hormuz, a critical route for global oil shipments. Futures indicate a potential drop of 58 points, or 0.7%, for the Australian market at the open. Meanwhile, US stocks have continued to rise, with the S&P 500 nearing its all-time high, despite a survey revealing that consumer sentiment in the US has plummeted to a record low. Consumers are increasingly worried about inflation, especially due to rising oil prices linked to the conflict, with expectations for inflation now at 4.8% for the coming year. Oil prices have fluctuated, with Brent crude settling at $100.21 per barrel. Federal Reserve officials have expressed concerns about inflation, with Governor Christopher Waller stating that while current inflation expectations are stable, any signs of instability could prompt a reconsideration of interest rates.