President Donald Trump said he will review Iran’s latest proposal to end the war “very soon,” offering markets a fresh diplomatic opening after weeks of deadlock. Tehran has signaled it may accept a deal to reopen the Strait of Hormuz in exchange for the U.S. lifting its blockade on Iranian ports, according to people familiar with the discussions. Talks over Iran’s nuclear program would be deferred to a later stage, potentially allowing both sides to secure a narrower ceasefire agreement first.
The prospect of a partial deal comes as energy markets remain tense. Brent crude rose another 3% to $111 a barrel, reflecting both optimism about a negotiated settlement and concern that any delay could prolong disruptions in Gulf shipping.
In technology, sentiment turned sharply lower after reports that OpenAI missed both user and revenue targets just days after DeepSeek released its latest model. The report also said OpenAI’s own chief financial officer is questioning whether the company can realistically follow through on its $1.2 trillion commitment to buy computing equipment, raising doubts about the scale and timing of one of the industry’s most ambitious infrastructure plans.
The news dragged down stocks tied to OpenAI’s supply chain and AI buildout, with U.S. equity futures pointing to a weaker open. The reaction suggests investors are beginning to reassess the durability of the spending boom that has powered much of the recent rally in AI-linked shares.
A busy earnings day is also shaping trading. BP reported results that comfortably beat expectations, helped by stronger energy prices and trading performance. Among the other companies reporting are Visa, Starbucks, UPS, Novartis and General Motors, with investors looking for signals on consumer demand, healthcare resilience and industrial activity.
By contrast, Spotify slumped after posting weak results, adding to concerns about margin pressure and slower user monetization in the streaming industry.
In Europe, the Bank of Italy urged the government to rein in spending, warning that the country’s debt burden is on course to become the highest in the euro area, at 137% of GDP. The warning adds to investor unease about fiscal sustainability just as Europe grapples with higher energy costs and softer growth.
Separately, the Wall Street Journal reported that foreign automakers are considering pulling lower-priced models out of the U.S. market if no trade agreement is reached, a sign that tariff and market-access uncertainty may begin to reshape product strategy in the world’s second-largest car market.
European stocks rose 0.3%, while in Asia both the Nikkei and Hong Kong benchmark fell about 1%. U.S. futures pointed to losses of close to 1%, driven by concern over OpenAI and broader pressure on AI-related names.
The market mood is being pulled in two directions: hope that a narrower U.S.-Iran deal could restore oil flows, and rising doubt about whether the tech sector’s biggest spending promises can survive closer scrutiny.
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