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Oil retreats from $100 as markets brace for Fed week
Brent crude slid to around $89 per barrel early Monday after the U.S. paused strikes on Iran following 13 days of attacks.
Markets opened the week with some relief as crude oil prices retreated from the roughly $100 per barrel level, following a pause in the Iran conflict. Reuters noted that the U.S. said it was pausing strikes on Iran after 13 straight days of attacks, and Iran indicated it would reciprocate, leaving investors to watch whether mediation resumes.
The oil move set the tone for broader risk sentiment. Brent crude fell further to around $89 per barrel early on Monday, with Asia shares firming and Wall Street futures rising before the opening.
The week is also packed with catalysts for equities and rates. A Federal Reserve meeting is scheduled for Wednesday, and futures pricing still implies at least a one in four chance of a Fed rate hike, according to Reuters.
Earnings and macro data add to the list of focus areas, with about a third of the S&P 500 set to report results, including Apple, Amazon, Microsoft, Meta, and Qualcomm. In addition, second quarter U.S. GDP estimates are due, while the Bank of Japan and the Bank of England are also slated to meet this week.
Latest closeWTI crude $90.47 ▼1.9%|Brent $98.38 ▼2.3%|S&P 500 7,411.98 ▲0.1%