WTI crude climbs 3.6% amid stalled US-Iran negotiations, while European equities and US futures show muted moves.
Oil prices surged 3.6% to $90.55 as US-Iran tensions persisted, with both sides failing to advance ceasefire talks. Iran accused the US of violating existing agreements, while the US demanded Iran reopen the Strait of Hormuz to shipping.
European markets remained largely unchanged, with the S&P 500 futures up just 0.3%. The USD and GBP led currency gains, while the NZD lagged. US 10-year yields edged up 0.2 bps to 4.46%, and gold retreated 0.6% to $4,506.
Manufacturing activity in the euro area slowed in May, and German retail sales struggled in April, reflecting broader economic concerns amid geopolitical uncertainty.