Oil prices declined Thursday amid reports of a U.S.-Iran deal and forecasts from the International Energy Agency predicting a supply glut next year.
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Global stock markets experienced a significant rally following President Donald Trump's announcement that planned strikes against Iran were called off and a peace deal is imminent.
U.S. consumer prices rose 4.2% annually in May, prompting President Trump to express "love" for the inflation figure while predicting a price drop post-Iran conflict. Oil futures climbed as tensions in the Strait of Hormuz escalated.
U.S. stock futures declined early Wednesday following U.S. "self-defense strikes" against Iran, in retaliation for a downed helicopter. Asian markets also opened lower.