Oil prices climbed as uncertainty over a U.S.-Iran cease-fire deepened, while U.S. equity futures slipped. President Donald Trump told reporters the truce was on “life support,” reaffirming pressure on Tehran to abandon its nuclear program. The strain kept the Strait of Hormuz effectively closed, nudging gasoline costs higher.

U.S. Treasury yields rose, and analysts expect the April CPI report to show headline inflation at 3.7%, up from 3.3% in March. A hotter reading could spur a more hawkish Federal Reserve stance, lift yields further and dent equity valuations. Conversely, a softer print would ease pressure on energy‑driven price gains.

European markets opened lower, with the Stoxx 600 down 0.7% and financials shedding 1.2%. Germany’s DAX and France’s CAC slipped 0.7% and 0.5% respectively, while Britain’s FTSE 100 fell 0.45%. Bayer posted a 6.3% jump after reporting stronger earnings, and Intertek rose on a sweetened EQT takeover offer.

Asian indices gave mixed signals: South Korea’s Kospi slumped 2.3% after hitting a fresh record, Japan’s Nikkei edged up 0.5%, and China’s Shanghai Composite dipped 0.25%. The divergent moves reflect regional sensitivity to oil‑price spikes and the looming U.S. inflation print, which could reshape risk appetite across markets.