Choppy oil keeps investors on edge, stocks brace for big earnings week

Oil prices swung sharply as Yemen's Iran-aligned Houthis declared a naval blockade against Saudi Arabia, countering reports of a proposal to de-escalate Iran-US tensions, with Brent crude flat at $88.3 a barrel after briefly topping $90. Global equity markets stabilised after last week's chip-led pullback, with Nasdaq 100 futures up 0.9% and S&P 500 futures up 0.4%, as investors brace for a heavy earnings week featuring Alphabet, Tesla, Intel and IBM. Bond markets remained pressured with the US 10-year yield at 4.56% and 30-year yields back above the 5.0% barrier, while money markets price in additional Federal Reserve and ECB rate hikes amid renewed inflation concerns from energy costs.