Crude oil prices retreated sharply on Monday as markets digested reports that the United States and Iran have reached a peace agreement intended to end nearly four months of conflict.
The diplomatic development triggered a rapid repricing of geopolitical risk premiums that had been supporting energy benchmarks since hostilities began.
Asian equity markets rallied in response to the de-escalation, signaling a broad relief rally across global risk assets as supply disruption fears abated.
In the US, equity futures presented a more cautious picture.
S&P 500 futures slipped 0.2%, while Dow Jones futures dipped 29 points.
The muted reaction in US equities contrasts with the stronger gains seen in Asia, suggesting that domestic concerns are currently outweighing the positive geopolitical signal.