US, Iran teams to return to Islamabad as oil drops below $100

U.S. and Iranian negotiating delegations are scheduled to return to Islamabad this week for talks. Brent crude fell below $100 a barrel as investors weighed the prospect of diplomatic engagement and recent Chinese export data that showed slower-than-expected export growth.

Traders pushed Brent under the $100 mark on the news and on the trade figures, and global equity markets rose as investors bought risk assets ahead of the meetings. Mixed corporate reports limited gains in some markets.

Goldman Sachs reported a quarterly profit but its share price slipped. Mondelēz International reported that rising cocoa costs pressured margins and its stock declined. Levi Strauss posted quarterly results above forecasts and raised its full-year earnings-per-share guidance, sending its shares higher despite slightly tighter margins.

Broadcom reported that revenue from its artificial-intelligence chips rose about 106% year on year. Alphabet and Broadcom announced a partnership with Anthropic intended to broaden options in the AI sector.

In Australia, Qantas warned fuel costs could increase by about A$800 million, a development the airline said may reduce earnings. Westpac increased its loan-loss provisions, citing the effects of higher energy prices and regional tensions.

Yangtze Memory Technologies Corporation (YMTC) announced plans to pursue two additional fabrication plants to roughly double its NAND flash capacity. The company plans to lift its global NAND share from about 11.8% into the mid-teens by 2027 amid tighter U.S. export controls for the sector.

Market participants said oil prices will likely remain sensitive to developments in the Islamabad talks, Chinese trade data and corporate cost pressures that affect fuel consumption. Energy-intensive sectors such as aviation and shipping are reporting higher near-term costs.

Investors will watch statements from the delegations for any outcomes that could alter risk sentiment or expectations for crude supply. Corporate earnings reports and cost warnings are expected to continue shaping trading as markets reassess growth and inflation trends.