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US and European equity futures rose as oil prices retreated, despite renewed geopolitical tensions and continued disruption through the Strait of Hormuz. Attention now turns to this week’s inflation data and US bank earnings, with markets remaining sensitive to the prospect of further rate hikes.

Oil prices retreated after comments from President Trump eased concerns over an immediate escalation with Iran, supporting Treasuries and weighing on the US dollar. Meanwhile, optimism surrounding OpenAI's revenue growth helped lift US equity futures ahead of the start of the corporate earnings season.

Oil prices climbed above $101 a barrel as escalating tensions in the Strait of Hormuz reignited concerns over global energy supplies, pushing Treasury yields higher and supporting the US dollar. Meanwhile, Asian equities retreated and investors continued to assess French fiscal developments ahead of next week's US earnings season.