Stock futures were up Monday as oil prices tumbled after Trump held off fresh attacks on Iran and said the U.S. would engage in talks beginning Monday afternoon.
The prospect of another round of discussions about a cease-fire weighed on oil prices as investors hoped for an end to the disruption of shipping through the Strait of Hormuz.
"Markets are starting August with a rare dose of geopolitical relief, as Trump's decision to restart talks with Iran has knocked a large chunk out of the oil-risk premium and given bonds room to rally," Tickmill Group said.
The dollar fell on the renewed hopes for peace
and was also hit by the U.S.-Japanese joint intervention to strengthen the yen, the first joint move to shore up the currency since 1998.
