Stock futures were down slightly Monday morning after a turbulent day of trading in which major indexes bounced back from steep early losses to close higher. Futures tied to the Dow Jones Industrial Average and S&P 500 were down 0.3% recently, while Nasdaq futures fell 0.2%. The major indexes rallied Friday afternoon after comments from President Donald Trump and a meeting of international officials helped ease investor concerns over the impact of the Iran war.

Oil Prices Fall as Iran War Fears Ease

WTI crude oil futures, the U.S. benchmark, were down 5% at around $90 per barrel Monday morning as fears about long-term supply disruptions from the Iran war eased. Crude oil prices had surged more than 30% the previous week as the conflict with Iran slowed traffic through the Strait of Hormuz to a near total halt and Iran attacked multiple neighboring countries that also produce oil, raising concerns about the impact the war could have on the global oil supply.

WTI crude jumped to nearly $120 per barrel late Sunday, but fell sharply from those levels Friday after Trump’s comments. Trump told CBS News on Monday that the war in Iran is ‘very complete, pretty much,’ and reiterated in a press conference later in the day that the war is ahead of where he thought it would be at this point. Trump also said he believed ships are starting to move through the Strait of Hormuz again and floated the possibility of the U.S. intervening to take the waterway over and keep it open.

G-7 Meeting to Discuss Oil Release

Another factor helping to bring oil futures down from their four-year highs is the meeting scheduled for today between energy ministers of the Group of Seven countries. The officials are expected to discuss a potential release of oil from strategic reserves around the world to help limit the impact the conflict in the Middle East will have on the global oil supply chain.

A meeting is expected to take place around 8:45 a.m. ET today, per The Wall Street Journal. French energy minister Maud Bregeon told reporters that ‘All options are on the table,’ with a goal of working to lower gas prices for consumers. The G-7 officials said after a meeting Monday that they would be willing to take a number of measures, including the release of oil from strategic reserves, to ‘stabilize the market.’

Oracle to Release Earnings After Market Close

Tech investors will get another look under the hood of one of the market’s biggest tech firms on Tuesday, with Oracle (ORCL) scheduled to post its latest quarterly earnings after the closing bell. Fiscal third-quarter revenue is projected to come in at a record $16.92 billion, along with adjusted earnings per share of $1.72.

The stock has slumped in recent months amid concerns that the AI trade has left tech companies overvalued, and over Oracle’s financial position. The company has taken on a mountain of debt to finance its data center expansion to meet the compute needs of a few large clients including ChatGPT maker OpenAI. Oracle shares, which have lost about one-fifth of their value since the start of the year, were up 1% in premarket trading.

Hewlett Packard Enterprise Rises on Strong Guidance

Hewlett Packard Enterprise (HPE) topped Wall Street’s profit expectations and lifted its guidance for the full year. Fiscal first-quarter revenue of $9.3 billion came in just below estimates, while adjusted EPS of 65 cents was 7 cents ahead of the analyst consensus compiled by Visible Alpha. The company reaffirmed its revenue forecast, but boosted its profit outlook after posting ‘one of our most profitable quarters on record,’ said CEO Antonio Neri.

HPE’s Networking revenue more than doubled year-over-year, driven by a 382% jump in its Data Center Networking segment, while sales in its Cloud & AI division were down about 3% year-over-year. HP Enterprise shares were down less than 1% ahead of the opening bell.

Gold futures were up 1.5% to $5,180 an ounce Monday morning, while bitcoin was at $70,500, up from a low of under $66,000 Friday. The yield on the 10-year Treasury note, which affects interest rates on a wide array of loans, was holding steady at 4.13%.