Oil prices fell after President Donald Trump said fresh U.S.-Iran talks will begin Monday. The prospect of a diplomatic resolution raised expectations that the Strait of Hormuz would reopen to increased oil transit, easing supply concerns.
Crude reversed recent gains driven by geopolitical tensions. Analysts said the move reflects expectations that greater shipping lane access would alleviate tightness in global supply.
The Japanese yen jumped sharply against major currencies following confirmation of joint intervention by the United States and Japan to support the currency.
Asian stock markets were mixed. Japanese equities declined, and chipmakers across the region fell, weighing on broader indexes.
Analyst Twidale said market forces "are pushing against the fundamentals." He added that he expects the market to reverse the move once intervention concludes, unless underlying conditions change.
U.S. futures traded higher. The Dow Jones Industrial Average rose 0.5 percent to 52,485, the Nasdaq Composite gained 1.0 percent to 25,374 and the S&P 500 increased 0.7 percent to 7,490.
The Russell 2000 fell 0.5 percent to 2,931, diverging from large-cap gains. Apple dropped 7.4 percent to $308.91.
Other major technology stocks rose. Amazon gained 15.3 percent to $271.58, Alphabet climbed 6.7 percent to $356.13, Microsoft increased 3.0 percent to $464.72, Nvidia rose 2.9 percent to $200.75 and Meta gained 3.3 percent to $556.71.
