Geopolitical tensions ease after Iran pauses military actions, lifting risk assets and pressuring crude prices.
Oil prices fell sharply after Iran announced a pause in strikes, with WTI crude dropping $4.03 to $85.29. The move followed assurances that attacks would halt if the US reciprocated, easing supply disruption fears.
Prior to the decline, WTI had dipped as low as $83.10 before rebounding over $2. The S&P 500 futures rose 52 points to 4,090, while Nasdaq futures climbed more than 1%. Gold and the euro also advanced on reduced safe-haven demand.
The shift comes ahead of a busy week featuring the Fed decision and earnings from four of the Magnificent Seven stocks. Markets remain cautious as the truce remains fragile.