By Ankur Banerjee and Harry Robertson SINGAPORE/LONDON, June 29 U.S. stock futures rallied on Monday after the U.S. and Iran agreed to halt recent hostilities and renew talks, helping oil prices fall after spiking earlier in the wake of renewed attacks between the two sides.
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Futures for the U.S. S&P 500 climbed 0.8%, while Europe’s STOXX 600 index was little changed. Futures for the tech-heavy Nasdaq rose 1.1%, putting the U.S. index on track for a rebound after it slumped more than 4% last week.
The STOXX tech index climbed 1.2%. A return to diplomacy in the Middle East would follow several days of tit-for-tat strikes since an Iranian projectile hit a cargo vessel in the Strait of Hormuz last week, with both sides accusing each other of breaking an interim ceasefire. Oil initially spiked on Monday after the U.S. and Iran traded strikes over the weekend, but then cooled to trade at around its lowest since the conflict began.