{"id":381,"date":"2026-05-29T09:09:37","date_gmt":"2026-05-29T09:09:37","guid":{"rendered":"https:\/\/reliablemovingcrews.com\/?p=381"},"modified":"2026-05-29T09:09:37","modified_gmt":"2026-05-29T09:09:37","slug":"oil-eyes-weekly-drop-on-hormuz-deal-hopes-ai-sends-stocks-to-record-highs","status":"publish","type":"post","link":"https:\/\/reliablemovingcrews.com\/?p=381","title":{"rendered":"Oil eyes weekly drop on Hormuz deal hopes; AI sends stocks to record highs"},"content":{"rendered":"<div><div><div><ul><li>Summary<\/li><li>Companies<\/li><\/ul><\/div><div><\/div><\/div><div>SINGAPORE, May 29 (Reuters) &#8211; World stocks rose to record highs on Friday and oil futures eyed their steepest weekly drop in nearly two months as traders \u200bwaited for details on a potential deal to reopen the Strait of Hormuz and extend the U.S.-Iran ceasefire.<\/div><div>Sources told Reuters \u200cthat the U.S. and Iran have reached an agreement to extend their ceasefire and lift restrictions on shipping, though U.S. President Donald Trump has yet to approve it and Iranian state media said it had not been finalised.<\/div><div>Moves in the Asia session were modest, with S&amp;P 500 futures steady after the index (.SPX)<svg><\/svg><span>, opens new tab<\/span> notched another record closing high overnight. \u200bBrent crude futures fell about $1 a barrel to $92.69 for a weekly drop of more than 10%.<\/div><div>The dollar headed for a small fall on \u200bthe week, tracking a retreat in U.S. yields. Analysts aren&#8217;t sure, however, whether that fall in yields can extend, \u2060since a U.S.-Iran deal is unlikely to quickly unwind the inflation impulse unleashed by high fuel prices.<\/div><div>&#8220;The market&#8217;s already taking the view that a \u200bdeal&#8217;s going to be done and the Strait is going to be open,&#8221; said Jason Wong, senior market strategist at BNZ in Wellington.<\/div><div>&#8220;The main point is it \u200bremoves a tail risk of a really, really bad outcome. I don&#8217;t think it&#8217;s a green light to take oil down $20, or Treasuries down 20 points.&#8221;<\/div><div>MSCI&#8217;s index of world stocks (.MIWD00000PUS)<svg><\/svg><span>, opens new tab<\/span> edged up to a record high, with AI-euphoria lifting chipmaker shares around the world and pushing benchmarks in Tokyo (.N225)<svg><\/svg><span>, opens new tab<\/span> and Seoul (.KS11)<svg><\/svg><span>, opens new tab<\/span> up around 2% on Friday and \u200btoward weekly rises.<\/div><div>A revenue outlook upgrade at computer-maker Dell (DELL.N)<svg><\/svg><span>, opens new tab<\/span> sent shares soaring 39% in after-hours trade and boosted rival Lenovo (0992.HK)<svg><\/svg><span>, opens new tab<\/span> in Hong Kong &#8211; a stock \u200bup nearly 60% this week on the back of strong full-year results.<\/div><div>&#8220;The question now is whether this can continue. We believe we&#8217;re still in the middle innings of \u200ca longer \u2060AI-driven investment cycle,&#8221; said Damian McIntyre, head of multi-asset solutions at asset manager Federated Hermes. &#8220;We have revised our S&amp;P 500 target to 8,000 this year and 9,000 next year.&#8221;<\/div><div>The S&amp;P 500 closed on Thursday at a record high of 7,563.63.<\/div><h2>YEN SQUEEZED, KIWI ATTEMPTS LIFTOFF<\/h2><div>In fixed income, U.S. Treasury yields dipped in the Asia day, with the 10-year yield at 4.44% for a weekly drop of about 15 basis points. Global bond yields are also lower on the \u200bweek.<\/div><div>Preliminary inflation figures are due across \u200bEurope later in the day, along \u2060with Canadian GDP.<\/div><div>Overnight data showed U.S. personal consumption spending, income, home sales and GDP on the soft side of expectations, and inflation running hot but a little bit under forecasts.<\/div><div>Annual core inflation in Tokyo stayed below Japan&#8217;s 2% target \u200bfor a fourth straight month in May, data showed on Friday, but a rebound in national factory activity \u200bsuggested resilience and \u2060supported the case for a June rate hike.<\/div><div>In currency markets, the yen has been under pressure and in focus after falling back to levels that prompted reported Japanese intervention late in April and earlier in May.<\/div><div>At 159.31 to the dollar it was trading a fraction stronger than the line-in-the-sand around 160 that authorities \u2060have been \u200bdefending. Japan&#8217;s finance ministry is scheduled to publish the amount of dollar selling it conducted, \u200bwith estimates it totalled around 8.6 trillion yen ($54 billion), Nomura said.<\/div><div>The euro was firm at $1.1638. The New Zealand dollar has been a major mover this week, up 1.9% on the greenback, \u200bafter the Reserve Bank of New Zealand held rates steady on Wednesday but delivered a more-hawkish-than-expected outlook.<\/div><div>($1 = 159.2600 yen)<\/div><div><address><div><div><noscript>\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"120\" height=\"120\" alt=\"Tom Westbrook\" class=\"wp-image-9\" src=\"https:\/\/reliablemovingcrews.com\/wp-content\/uploads\/2026\/05\/a8d647782541686b4c9068dd2dfa6f30.avif\"\/><\/figure>\n<\/noscript><\/div><div>Tom Westbrook<\/div><\/div><div><ul><li><span><div><svg><title>Email<\/title><\/svg><\/div><\/span><\/li><li><span><div><svg><title>X<\/title><\/svg><\/div><\/span><\/li><li><span><div><svg><title>Linkedin<\/title><\/svg><\/div><\/span><\/li><\/ul><\/div><\/address><\/div><\/div><p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=379\">Morning Bid: Another day, another Iran deal moment<\/a><\/p><p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=377\">Exclusive: Imported voters, fake websites: Russia\u2019s covert efforts to stop Armenia\u2019s pivot West<\/a><\/p><p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=375\">Greenland\u2019s independence champion despised Denmark. Trump changed his mind<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>World stocks rose to record highs on Friday and oil futures eyed their steepest weekly drop in nearly two months as traders \u200bwaited for details on a potential deal to reopen the Strait of Hormuz and extend the U.S.-Iran ceasefire.<\/p>\n","protected":false},"author":1,"featured_media":380,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[21,52],"class_list":["post-381","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-energy","tag-refining"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Oil eyes weekly drop on Hormuz deal hopes; AI sends stocks to record highs - Reliable Moving Crews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/reliablemovingcrews.com\/?p=381\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil eyes weekly drop on Hormuz deal hopes; 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