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U.S. Treasuries came off their ​lowest levels on Monday, as bond investors largely looked past the weekend’s turbulence in the Middle East ​that raised concerns about the state of the fragile ceasefire between the United States and Iran, instead focusing on planned negotiations between the parties.

Movements in Treasuries were modest on subdued trading volumes, as investors appear reluctant to make large directional bets due to the uncertainty surrounding the outlook for the Gulf war that has caused energy prices ‌to surge. Market participants said ⁠the muted ⁠price action reflected confidence that any escalation in the region will be contained.

In midday trading, the benchmark 10-year yield, which moves inversely to the price, was up 2 basis ​points at 4.264% , while U.S. 30-year yields rose 1.3 bps to 4.898% . Investors are looking ahead to peace negotiations between the United States and Iran, as ​Pakistan attempts to resolve differences ahead of the potential discussions. Iran is considering attending the peace talks, a senior Iranian official told Reuters on Monday, a softening of its earlier position, but no decision had been made.

Oil prices jumped more than 5% in Monday trading on fears that ​a fragile ceasefire between the United States ​and Iran could break down after the U.S. seized an Iranian cargo ​ship and traffic through the Strait of Hormuz remained largely halted.

Brent crude futures advanced $4.61, or 5.1%, to $94.99 a barrel by 11:26 a.m. ET (1526 GMT) and U.S. West Texas Intermediate was up $4.33, or 5.16%, at $88.18.

Both contracts had tumbled by 9% on ‌Friday for their ⁠largest daily ⁠declines since April 18 after Iran said that passage for all commercial vessels through the Strait of Hormuz was open for ​the remainder of the ceasefire.

Vice President JD Vance is still ​in the United States and has not yet departed for Pakistan, a source familiar with ‌the matter ⁠told ⁠Reuters, as prospects for a second round of ​negotiations with Iran remain unclear.

President Donald Trump has said ​he would send a U.S. delegation to Pakistan for additional talks before a ​ceasefire is set to expire ⁠in the ‌coming days. Iran is ​considering attending the ​peace talks, a senior ⁠Iranian official told Reuters on Monday, but no ​decision had been made.

A second ​source familiar with the matter said the U.S. delegation has not departed yet, but plans to travel to Islamabad soon.

Gold prices fell to a one-week low on Monday ​before recovering slightly as Iran’s ​threat of retaliation to the U.S. takeover of an Iranian ​cargo vessel drove the dollar and oil prices higher.

Spot gold was down 0.5% at $4,804.44 per ounce, as of 9:23 a.m. EDT (1323 GMT), after hitting its lowest price since April ‌13 earlier ⁠in the ⁠session.

U.S. gold futures for June delivery fell 1.1% to $4,824.60.

The US government on Monday launched a tool for refunding more than $166 billion in revenue from tariffs imposed by President Donald Trump and subsequently struck down by the Supreme Court.

The conservative-majority high court in February ruled against a swath of Trump’s tariffs, marking a stinging rebuke of his key economic policy and opening the door to refunds.

On Monday, US Customs and Border Protection (CBP) said it has activated the first phase of its processing tool, meaning that importers and customs brokers can start submitting documentation to recover their payments.

The agency estimated in March that more than 330,000 importers could be eligible for refunds on duties or deposits paid on over 53 million shipments.

In the new system’s initial deployment, around $127 billion in duty payments are eligible for electronic refunds, the agency said.

The U.S. Securities Exchange ​Commission and Commodity Futures ‌Trading ⁠Commission on Monday ⁠jointly ​proposed reforms to ​Biden-era regulations on enhanced disclosures ​by ⁠the $26-trillion-dollar private ‌fund industry, ​the ​SEC ⁠said in a statement.

“A ​key pillar of ​my agenda is restoring balance ‌to disclosure obligations and ​reducing ​the ⁠cost of compliance wherever possible,” SEC Chairman ​Paul Atkins said.

McKesson will sell a minority stake in ​its medical-surgical solutions business to investment firm Apollo Funds for $1.25 billion, as the drug distributor plans to spin off the unit through an initial public offering.

Apollo ‌will acquire ⁠about 13% ⁠of the business through a convertible preferred equity investment, valuing it at ​roughly $13 billion, while McKesson will retain control and majority ownership of the unit, ​the companies said on Monday.

One of the largest healthcare distributors in the U.S., McKesson is streamlining its operations to focus on ​its core pharmaceutical distribution business after years ⁠of investor pressure.

Blue Owl Capital’s real assets division has agreed to acquire Sila Realty Trust, a healthcare-focused real estate investment trust, in an all-cash deal valued at about $2.4 billion, the companies said ‌on Monday.

Blue Owl ⁠will ⁠pay $30.38 per share for all the outstanding shares of the Tampa, Florida-based REIT, a 19% premium to ​Sila’s closing price of $25.53 on April 17, the day before the announcement.

Ships were largely avoiding the Strait of Hormuz on Monday after an escalation at the weekend in which Iran fired what appeared to be warning shots at vessels and the U.S. military seized an Iranian cargo ship. Just one ship ‌exited the Gulf ⁠through the ⁠strait while two entered in the space of 12 hours, ship-tracking data showed on Monday, a fraction of what is usually about 130 vessels per day.

The oil products ​tanker Nero, which is under British sanctions for Russia-related activities, was sailing through the strait, satellite analysis from SynMax and tracking data from the Kpler platform ​showed. Two other ships – the chemical tanker Starway and Axon I, a liquefied petroleum gas tanker under U.S. sanctions for past trading with Iran- were sailing into the Gulf.

More than a dozen tankers passed through the strait after Iran briefly declared it open on Friday. But ​a ceasefire between the United States and Iran appeared in jeopardy on Monday as Iran vowed ⁠to retaliate ‌for the U.S. seizure of its vessel and refused to join new peace talks.

Oil charterers ​had been preparing tankers ​to leave the Gulf after the announcement on Friday. That announcement triggered a sharp fall in oil prices ⁠and war risk insurance rates started to fall.

Those rates have since risen again, to ​levels around 3% of the value of the ship from 2%, shipping and insurance sources said. “Recent ​weeks have brought several false starts and, although some form of resolution is likely at some point, the timing of any durable breakthrough remains highly uncertain,” ship broker Clarksons said in a note on Monday.

Iran fired shots at ships in the strait on Saturday, including a container ship belonging to CMA CGM, the French firm confirmed, describing them as “warning shots” and adding that the crew were safe.

Wall Street’s main indexes opened muted on Monday after a record rally ‌last ⁠week, ⁠as escalating U.S.-Iran tensions threatened the fragile ceasefire and dented investor sentiment.

The Dow Jones ⁠Industrial Average ‌fell 25.1 points, or 0.05%, ⁠at the open to 49,422.37. The S&P 500 fell 9.0 points, or 0.13%, at the ‌open to 7,117.05, while the Nasdaq Composite dropped ⁠51.0 points, or 0.21%, to 24,417.528 at the opening bell. (Read More)

Copper lost ground on Monday ​as the Strait of Hormuz ​closed to marine traffic once more and a fragile ceasefire ​between Iran and the United States looked in jeopardy, reigniting fears over economic growth.

Benchmark three-month copper on the London Metal Exchange was down 0.8% at $13,235 a metric ton in official open-outcry trading. ‌The metal ⁠had ⁠gained 3.9% last week on optimism that the ceasefire might hold and Iran’s declaration on Friday that ​the Strait had been reopened to commercial vessels.

However, the U.S. then seized an Iranian ​cargo ship that tried to run its own blockade of the strait and Tehran vowed to retaliate, refusing for now to join further peace talks.

Wall Street’s main indexes were poised for a ​lower open on Monday after a record rally last week, as renewed U.S.-Iran tensions threatened to undermine a ceasefire and dent investor sentiment.

Iran’s move to reopen the Strait of Hormuz on Friday helped fuel a broad market surge, with the S&P 500 and the Nasdaq posting record highs for a third straight session and their biggest weekly gains since May.

The U.S. dollar rose to its highest level in a week against major ​currencies on Monday before paring gains to trade ​little changed as renewed U.S.-Iran tensions caused uncertainty in markets about the chances of a ​peace deal.

The dollar index, which measures the U.S. currency against six peers, recouped some of its recent ​losses to rise to its highest in a week at 98.47, before dipping to ⁠trade at ‌98.22. The index is down 1.6% in April. It had surged 2.3% in March on haven demand ​after the war broke ​out.

Among premarket movers, Marvell Technology advanced 7% after The Information reported on Sunday that Alphabet’s Google is in ​talks with the chipmaker to develop two new chips to run AI models more efficiently.

QXO shares dipped 4.4% after the construction supplies distributor struck a $17 billion deal on Sunday to acquire building products distributor and installer TopBuild , whose shares jumped 18% on Monday.

The CBOE Volatility Index, known as Wall Street’s “fear gauge”, gained after falling for the past eight sessions and was last up 1.99 points at 19.47, a one-week high.

Futures tracking the small-cap Russell 2000 index slipped 1% after the index notched a record high on Friday.

Oil prices jumped 5% on Monday, with U.S. energy ​stocks higher in premarket trading. Exxon Mobil and Chevron gained 1.3% each and Occidental Petroleum ⁠added 2%.

Iran opened the Strait of Hormuz on Friday, sparking a buying frenzy across markets, with the S&P 500 and the Nasdaq hitting record highs for the ‌third consecutive session ⁠and marking their ⁠biggest weekly jumps since May.

However, Tehran closed the waterway again after the U.S. said it had seized an Iranian cargo ship that tried to run ​its blockade.

Iran’s foreign ministry said on Monday there were no plans for a second round of negotiations with the U.S., as the blockade undermined the ​talks and differences over Tehran’s nuclear program remained.

U.S. stock index futures inched lower on Monday after a record rally ​on Wall Street last week, as a rise in tensions between the U.S. and Iran put the ceasefire at risk and weighed on investor sentiment.

At 07:08 a.m. ET, Dow E-minis were down 286 points, or 0.58%, S&P 500 E-minis were down 36.25 points, or 0.51%, and Nasdaq 100 E-minis were down 126 points, or 0.47%.