European stock markets were closed for a holiday on Monday, while Asian markets showed modest gains and US futures were muted.
Brent crude futures fell 0.5% to $108.54 per barrel as hopes rise for a cease‑fire framework between Iran and the United States.
The cease‑fire plan could reopen the Strait of Hormuz by Monday, easing worries that lifted Brent from $70 to $108 since February.
President Donald Trump warned Iran of a Tuesday deadline to clear the strait, threatening strikes on power facilities if not complied.