Oil plunges on Iran de-escalation, risk-on rally

Trump called off Iran strikes, sending oil prices down 6% and fueling a risk-on rally in European and U.S. equity futures. The STOXX 600 hit record highs. This lowers near-term inflation fears and has eased bond yield pressure. A packed earnings week ahead (SpaceX, Palantir, AMD, Disney) adds to positive sentiment. European stocks rose on easing inflation and the oil price decline.