Good morning. Markets are still riding the Iran peace-talks relief trade, with US stocks parked near record highs and oil giving back another leg overnight. Trump is signaling talks could restart in Pakistan within two days. That's the whole setup today.

WTI is trading around $93 after sliding below $92 yesterday, and Brent settled near $94.79, down over 4%. The Hormuz blockade is technically still in place, but traders are front-running the diplomatic channel, not the military one. Tehran is reportedly weighing a temporary halt in exports to keep talks alive. Choppy.

Europe followed through on yesterday's optimism. The Stoxx 600 closed up almost 1%, every major bourse in the green, DAX leading with oil-driven relief in autos and industrials. Banks also catching a bid on a firmer yield curve. The tone into this morning's session is cautiously constructive, with energy names giving some of the recent war-premium back.

US futures are flat after a strong Tuesday that brought the S&P within a whisker of a record. S&P futures sit at 7,005, Nasdaq futures at 26,013, Dow futures at 48,722. Software had its best session in a year on Tuesday. That kind of move usually cools off, and today looks like digestion.

Asia ran with the rally. Nikkei closed +0.44% at 58,134, Hang Seng gained 0.43% in the final hour. Nothing dramatic, just the same theme in a different timezone.

Bitcoin is at $73,725, cooling slightly after tagging $74,400 yesterday. Ethereum holding near $2,370. Gold is still bid above $4,820, even as the dollar softens to six-week lows. Risk-on and safe-haven both catching flows. Unusual combo.

Calendar is light into the open. Tomorrow brings retail sales and the Philly Fed. Today the tape will trade on Iran headlines more than data.

Watch the oil chart. Everything else follows.