Crude oil prices extended their recent gains on Thursday, reinforcing a market regime where energy assets are outperforming broader equities.
The rally in oil comes as investors remain cautious about escalating tensions in the Middle East, which continue to weigh on risk sentiment across global markets.
US stock futures traded mixed in early trading, reflecting a divergence in sector performance.
While S&P 500 and Nasdaq futures edged lower, driven by a retreat in chip stocks, Dow futures managed to post slight gains.
The weakness in technology names highlights investor hesitation ahead of a critical week of earnings reports from major tech companies, which will be closely watched to assess whether lofty valuations remain justified.
The cross-asset reaction underscores a shift in market dynamics.