Investors seem to conclude that no news is good news, especially regarding Gulf peace talks.
President Trump said he would decide on a ceasefire extension last Friday, but since then there has been silence.
Defense Secretary Hegseth said the U.S. could restart attacks on Iran if no suitable deal is reached.
Over the weekend, U.S. forces struck Iranian targets, and Iran said it targeted an air base used in a U.S. attack.
Shipping through the Strait of Hormuz remains low: eight vessels outbound on May 30, only two of them tankers. Pre-war average was 136.
Analysts warn that global oil inventories will run low by mid-June, yet Brent is under $100 at $93.40.
Asian markets are focused on AI. South Korea's index rose 28% in May, Taiwan 15%, Nikkei 12%. Samsung Electronics jumped 10% in a day.
South Korea's exports surged 53% in May to $88 billion. Semiconductor exports rose 169%, computers 291%.
However, the Korean won is near all-time lows, suggesting dollar earnings are kept abroad, helping fund the U.S. deficit.
Nvidia CEO Jensen Huang speaks at Computex about AI investment.
