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In the context of the year so far, markets are relatively subdued. Stocks continue to extend their rally on optimism around renewed US–Iran talks, with several major markets now erasing losses linked to the conflict.

Equities extended their rebound as oil prices declined, with investors encouraged by signs the US may resume talks with Iran. The MSCI All Country World Index rose, putting it on track for an eighth consecutive day of gains, while Asian equities climbed 1.5%, led by technology stocks.

Equities and bonds came under pressure after oil surged following the US ordering a blockade of the Strait of Hormuz, escalating tensions with Iran after the collapse of ceasefire talks. US futures fell and European markets are set for a weaker open, while Asian equities declined.