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US equities turned higher in the afternoon trading, reversing losses from earlier in the session as investors grew increasingly hopeful that the conflict involving Iran could come to an end. US Secretary of State Marco Rubio said there were "some encouraging signs" of a potential agreement with Iran, the Financial Times reported. Rubio said Pakistani mediators are expected to travel to Iran while Tehran considers Washington's latest proposal. Meanwhile, on the corporate front, Nvidia shares declined despite beating earnings expectations and increasing its dividend, as its guidance for the upcoming quarter did not meet the upper range of analysts' estimates, which were common in past quarters. Also, Intuit was down almost 20% as it would reduce its workforce by 17%. Finally, Walmart sunk more than 6% despite beating the headline earnings metrics for the last quarter, pressured by a warning that higher fuel costs may hurt the business if sustained for longer.

US Stocks Recover

Brent crude futures futures fell more than 2% in afternoon trading after climbing as much as 3% earlier in the session, as investors grew increasingly hopeful that the conflict involving Iran could ease. US Secretary of State Marco Rubio said there were “some encouraging signs” of a potential agreement with Iran, according to the Financial Times. Rubio added that Pakistani mediators are expected to travel to Iran while Tehran reviews Washington’s latest proposal. Earlier, Reuters reported that Iran’s Supreme Leader had directed that the country’s near-weapons-grade uranium should not be sent abroad, hardening Tehran’s stance on one of Washington’s key demands in the negotiations. Despite today’s pullback, oil prices remain nearly 50% above pre-war levels, supported by ongoing supply tightness. In the United States, nearly 10 million barrels were withdrawn from the Strategic Petroleum Reserve last week, marking the largest release on record.

Brent Crude Prices Turn Negative

WTI crude futures fell more than 2% in afternoon trading after climbing as much as 3% earlier in the session, as investors grew increasingly hopeful that the conflict involving Iran could ease. US Secretary of State Marco Rubio said there were “some encouraging signs” of a potential agreement with Iran, according to the Financial Times. Rubio added that Pakistani mediators are expected to travel to Iran while Tehran reviews Washington’s latest proposal. Earlier, Reuters reported that Iran’s Supreme Leader had directed that the country’s near-weapons-grade uranium should not be sent abroad, hardening Tehran’s stance on one of Washington’s key demands in the negotiations. Despite today’s pullback, oil prices remain nearly 50% above pre-war levels, supported by ongoing supply tightness. In the United States, nearly 10 million barrels were withdrawn from the Strategic Petroleum Reserve last week, marking the largest release on record.

Crude Oil Prices Fall

The Central Bank of Egypt kept its key interest rate unchanged at 19% at its May 2026 policy meeting, matching market expectations. The decision followed a rise in annual headline inflation to 13.4% in February from 11.9% in January, while core inflation accelerated to 12.7% from 11.2%, driven by higher education costs and seasonal food price increases during Ramadan. The central bank warned that rising global energy and agricultural prices, exchange-rate volatility, and fiscal adjustment measures could slow the disinflation process and threaten its Q4 2026 inflation target. Meanwhile, Egypt lowered its FY2025/26 GDP growth forecast to 4.9% from 5.1%, citing weaker external demand and regional tensions. Globally, policymakers noted that escalating conflicts and supply-chain disruptions continue to pressure inflation and weaken growth prospects.

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