Tonight's Highlights | Oil Rally Resumes as U.S. Futures Edge Lower
U.S. equity futures and major European indices trended lower on Tuesday as international oil prices regained upward momentum, tempering the optimism seen in the previous session.
On Monday, Wall Street staged a robust recovery with all three major indices gaining over 1%, fueled by renewed hopes for a resolution to the U.S.-Iran conflict. President Trump’s post on Truth Social—claiming "very good and productive conversations" regarding a "total and complete resolution of hostilities"—had significantly boosted market sentiment and sent crude prices tumbling.
However, Iran's official denial of any direct talks has recalibrated market expectations. By early Tuesday, Brent crude surged as much as 4%, nearing the $100 per barrel threshold, before paring gains to trade just below $99.
Scott Chronert, U.S. Equity Strategist at Citi, cautioned that investors are not yet in the clear. "There is still a lot of uncertainty to digest, including where oil prices eventually settle and how that filters into fundamental economic conditions," Chronert noted. He added that while a 5% to 10% market correction remains within an "acceptable range," the risks remain significant.
Investors are now looking for details on potential face-to-face meetings between U.S. and Iranian officials later this week. Meanwhile, geopolitical stakes remain high as Saudi Arabia and the UAE move closer to joining military operations against Iran, while transit through the Strait of Hormuz remains paralyzed.
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