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Commerzbank Says Oil Prices, Treasuries Stable, Asian Equities Weaker, Nasdaq Futures Lower

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Brent crude is trading sideways around $79 per barrel as investors assess the latest developments in the Middle East, according to Commerzbank Research. US Treasuries remain range-bound.

Iran said it reached an agreement with Oman on the Strait of Hormuz, with a joint statement in its final stages, according to Commerzbank. Officials said the deal will proceed if "certain third parties" don't interfere, but stressed that normal shipping will depend on the US ending what Iran describes as interference in the strait.

Brent, the international benchmark, was trading slightly higher at $79.51 a barrel while West Texas Intermediate was little changed at $75.21 a barrel.

Federal Reserve officials have been commenting on the path for monetary policy. Among Fed officials, Governor Lisa Cook said she is prepared to support further rate hikes if inflation doesn't continue to ease and Minneapolis Fed President Neel Kashkari said the Fed should raise interest rates now to better contain inflation. San Francisco Fed President Mary Daly said she backed July's rate hold but said persistent inflation could warrant further tightening.

Yields on 10-year US Treasuries were up 1.4 basis points early Thursday to trade at 4.631%.

Asian equities were weaker, led by technology stocks, with South Korea's Kospi among the biggest decliners, said Commerzbank. US equity futures are consolidating, with Nasdaq futures lagging the broader market.

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