Despite failed negotiations over the weekend and a US-imposed blockade of the Strait of Hormuz, Washington and Tehran remain in direct communication, underscoring persistent diplomatic channels even as tensions escalate, according to people familiar with the matter.
Shipping data reviewed by Reuters showed a Chinese oil tanker transited the strait, apparently defying the US blockade, a move that highlights the complexities of enforcing maritime restrictions in one of the world’s busiest energy chokepoints.
In Beijing, Spanish Prime Minister Pedro Sánchez met with President Xi Jinping, part of a broader diplomatic push by European leaders to manage economic and strategic ties with China amid global geopolitical flux.
Energy markets were also in focus: the CEO of Italian energy group Eni urged Europe to resume purchases of Russian gas, comments that underscore ongoing debate over energy security and the continent’s supply options.
Earnings season kicked off as US banks began reporting first-quarter 2026 results, with investors watching closely for disclosures on exposure to private credit and other balance-sheet vulnerabilities.
In corporate consolidation news, United Airlines’ chief executive floated the possibility of a merger with rival American Airlines — a deal that would create the world’s largest carrier and signal potential for significant industry consolidation.
Equity markets were broadly resilient. European stocks rose about 0.9% on average, while benchmarks in China and Japan closed nearly 1% higher. US futures traded near flat. Oil markets were stable, with Brent crude around $99 a barrel.
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