For the 6th week in a row, energies higher Sunday night, stock indexes lower, then reverse.

April 20, 2026

Futures are opening the week in a familiar fashion, with trade once again reacting more to geopolitical developments than to fundamentals. By the close on Friday, the market had been leaning toward the idea that tensions in the Persian Gulf were easing. That view did not last long. Weekend reports of Iran targeting ships in the Strait of Hormuz, along with the U.S. seizure of an Iranian vessel attempting to leave the area, have quickly shifted sentiment back toward risk. Although the U.S.-Iran ceasefire is not set to expire until Wednesday, the latest escalation suggests the market is already questioning whether it will hold for that long. As a result, buying interest has returned overnight to the sectors most exposed to supply risk, with energy markets leading the move and agriculture drawing spillover support.