December S&P 500 E-Mini futures (ESZ26) are up +0.40%, and December Nasdaq 100 E-Mini futures (NQZ26) are up +0.63% this morning as a retreat in oil prices pushed bond yields lower, offering investors some relief at the end of a turbulent week.
The price of WTI crude fell over -2% on Friday, snapping a two-day surge as traders weighed signs of diplomatic progress toward ending the Middle East conflict. Reports emerged on Thursday that U.S. and Iranian negotiators discussed a phased agreement under which Tehran would reopen the Strait of Hormuz. Hours later, Iranian Foreign Minister Abbas Araghchi told reporters in New York that Tehran offered Washington a new seven-day proposal to reopen the strait and resume broader negotiations aimed at reaching a final resolution to the war.
