[MARKET UPDATE] Muted reopen to futures trading with US index futures little changed following quiet weekend newsflow, while oil futures are mildly higher in the continued absence of a final Hormuz agreement

This is a session-open colour note rather than a discrete event, and the only substantive driver it flags is the absence of a final Hormuz agreement. Episodes of this kind, where a chokepoint negotiation drags on without resolution, have tended to keep a risk premium embedded in crude via freight, insurance, and prompt spreads rather than through flat price alone, with the premium bleeding out gradually when talks conclude and rebuilding quickly on any breakdown or kinetic incident. The muted equity futures reaction alongside firmer oil is the established pattern for a geopolitical premium that is known and priced but unresolved, rather than a fresh shock. The distinction that matters is between continued stalemate, which has historically meant range-trading with an upward skew in the front of the oil curve, and either a signed agreement or an escalation, each of which re-prices the curve in a single move. Worth watching are shipping and insurance rates through the strait, timespreads versus flat price, and any scheduled round of talks, since those have been the more sensitive tells than headline diplomacy itself.