Diplomatic progress on reopening a key oil transit route lifts investor sentiment ahead of corporate earnings reports.
Dow Jones futures climbed 0.23% to 54,390 in early European trading Wednesday, while S&P 500 and Nasdaq 100 futures gained 0.34% and 0.14%, respectively. The gains follow reports of an interim agreement between the US, Iran, and Oman to reopen the Strait of Hormuz, a critical chokepoint for 20% of global oil supply.
Wall Street indexes surged to record highs in Tuesday’s session, with the Dow and S&P 500 rising 1.71% and 1.79%, while the Nasdaq jumped 2.59%. The proposed 60-day arrangement could ease energy transit concerns, though investors remain focused on earnings from Walt Disney, Uber, and SanDisk later today.
Market sentiment improved as officials aim to announce the deal Wednesday, potentially extending the temporary framework beyond the initial period.