MacroAug 2, 2026, 10:58 PM

Oil Falls, U.S. Futures Rise on Iran Talks Optimism

Oil slumped and U.S. equity futures advanced after President Trump said talks with Iran would begin Monday, raising hopes for a deal to reopen the Strait of Hormuz. S&P 500 futures rose 0.4%, with the risk-sensitive Australian dollar gaining and the yen edging higher.

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President Trump announced that fresh U.S.-Iran negotiations will start on Monday, fueling optimism that the two sides could reach an agreement to reopen the Strait of Hormuz. The news triggered a sell-off in oil prices as the potential deal might ease supply concerns.

S&P 500 futures climbed 0.4% on the improved outlook. In currency markets, the U.S. dollar slipped, while the risk-sensitive Australian dollar led gains among major currencies. The Japanese yen also edged higher, though the overall tone remained risk-on.

Source: First Squawk

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