US futures climb as oil drops below $100 on Iran diplomacy report

US equity futures were higher in early trading, with Nasdaq futures up almost 1% as crude fell more than 4% and WTI moved back below $100. The move followed a report that Trump told Netanyahu he wanted to give diplomacy with Iran more time before resuming strikes, while chips rebounded after Friday’s 7.2% decline in the SOX index.

The market move comes one day before the US midterms, with seasonality also cited as a support for sentiment. Chinese stocks rose as Beijing convened another market-rescue meeting, adding a separate policy thread to the broader rebound.

Oil is the direct cross-asset link: a longer diplomatic window reduces the immediate prospect of an escalation disrupting supply, while lower crude prices can ease pressure on inflation-sensitive assets. The semiconductor bounce is a reversal of Friday’s sharp decline rather than a new company-specific development.

The diplomatic premise remains tentative, and the futures move can change with developments involving Iran, Israel and the US. The next markers are the midterm results and any further statements or actions on the reported pause before strikes resume.