WTI crude climbed to $74.33, Brent to $79.10 after US-Iran strikes resumed. S&P 500 futures fell 0.5%, Nasdaq futures lost 1.4% as risk appetite faded.
Alpha Score of 42 reflects weak overall profile with strong momentum, poor value, moderate quality, poor sentiment.
Oil jumped 4% on Monday after US and Iranian forces traded strikes over the weekend and the Strait of Hormuz remained effectively closed. WTI crude rose to $74.33 a barrel. Brent crude climbed 4% to $79.10.
The waterway has been shut for more than three weeks, since a ceasefire memorandum of understanding was signed. That deal set a 60-day timeline for negotiations. Talks have not resumed. President Donald Trump said over the weekend that the ceasefire was over, though he left open the possibility of future talks.
The oil move drove a risk-off shift across assets. S&P 500 futures fell 0.5%, Nasdaq futures slid 1.4%. The 10-year Treasury yield rose to 4.58%, retesting the June high. Gold dropped 1.6% to $4,054 an ounce. Silver declined 2.9% to $58.10.
The Strait of Hormuz handles about a fifth of global oil shipments. Its closure has underpinned the rally in crude. WTI gained 12% since the initial strikes three weeks ago. No further diplomatic sessions are scheduled.
Oil futures opened higher in electronic trading Sunday evening and held those gains into the European morning. Brent briefly crossed $80 before settling back to $79.10. Traders said liquidity was thin ahead of fresh US economic data later this week.
The 10-year yield's move to 4.58% puts it near a level that preceded a selloff in growth stocks earlier this quarter. The Nasdaq composite is down 6% from its May high. The correlation between oil and equities has strengthened as supply concerns dominate.
President Trump's comments over the weekend signaled no near-term de-escalation. "The ceasefire is over in no uncertain terms," he said, while adding that negotiations could restart. Neither side has set a date for returning to the table.
The memorandum of understanding, signed three weeks ago, was meant to last 60 days. That period is now past its midpoint with no progress reported. Oil prices reflect that deadlock.
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