US, Iran Agree to Pause Strikes; S&P 500 Futures Climb 0.45% Overnight

According to Axios, the U.S. and Iran agreed late Sunday to halt military strikes and plan to meet Tuesday in Qatar to renegotiate ceasefire terms following weekend escalations. A senior U.S. official told Axios that both countries decided to "stop all kinetic activity" and will stand down "for now," allowing vessels to move freely through the Strait of Hormuz.

Following the announcement, S&P 500 futures gained 0.45%, Dow futures rose 0.22%, and Nasdaq 100 futures climbed 0.43% in overnight trading. Oil prices also surged on the renewed tensions, with Brent crude futures up 0.92% to around $72.65 per barrel and WTI crude up approximately 1% to $69.92 per barrel.