Oil prices and the U.S. dollar fell while U.S. stock futures climbed as risk appetite improved. This shift follows optimism that the U.S. and Iran are moving closer toward a peace deal, although the two nations remain at odds over several key issues.
Global crude benchmarks saw significant declines, with Brent crude dropping as much as 5.2% to $98.12 a barrel. West Texas Intermediate was trading near $92. These price drops are driven by hopes that a deal to reopen the Strait of Hormuz and restore crude flows could be close.
In other markets, global bond yields dropped and the U.S. dollar slipped as talks between the two countries progress. S&P 500 futures rose slightly, indicating that investors and analysts are waiting to see if a final deal is reached.