Crude prices drifted toward the mid-$90s over the weekend and global equity futures opened mostly higher in early Asian trade Sunday, as traders prepared for the busiest week of first-quarter earnings since the Iran ceasefire took effect April 15.

Brent crude settled Friday at $96.40 a barrel, down from $98.20 a week earlier and well below the $125 peak reached in late March. West Texas Intermediate closed at $92.10. Both benchmarks have now given back more than two-thirds of the war premium that built up after the conflict’s onset in early March, a retracement that has unfolded faster than most desks anticipated when the ceasefire was announced from Islamabad two weeks ago.

“The market is treating the war as a tail risk that has receded rather than disappeared,” said John Reilly, an energy analyst at Citi. “OPEC+’s April 1 production hike is still flowing through, refinery maintenance is wrapping up in Europe, and Strait of Hormuz traffic is back near 95 percent of January volumes. None of that points to a floor much above $90 unless something breaks.”

UN observers stationed at the Strait reported four uneventful days through Saturday, with no diversions and no further intercepts since the lone Houthi launch reported April 16. Tanker tracking firm Kpler counted 78 laden VLCCs transiting the Strait outbound in the week ending Friday, against a 12-month average of 81. Insurance war-risk premiums, which spiked to 0.8 percent of hull value in early April, have eased to 0.35 percent and are expected to fall further when London underwriters revisit listings May 1.

For equity investors, the week ahead is dominated by results from three of the largest American technology companies. Microsoft reports Tuesday after the bell, Apple on Wednesday, and Nvidia, which moved its fiscal calendar last year, on Thursday. Consensus expectations have been trimmed modestly to account for the March selloff and supply disruptions, with FactSet’s blended S&P 500 earnings growth estimate for the quarter now at 6.8 percent year over year, down from 8.4 percent at the start of the month.

The S&P 500 closed Friday at 5,612, up 0.4 percent on the day and now down only 1.1 percent from its February peak. The index has gained 5.2 percent over the past 10 sessions as the ceasefire has held. The Nasdaq Composite has done slightly better, helped by a rebound in semiconductor names that were caught in the broader risk-off move last month.

“We are essentially back to where we were before the first Iranian missile flew, but the market underneath is not the same market,” said Layla Hassan, head of macro strategy at a Beirut-based regional research firm. “Defense names are 18 percent higher year to date. Refiners are flat. Tankers have given back almost all their gains. Earnings this week will tell us whether the rotation is durable or whether everyone wants to go back to owning the same five megacaps.”

Treasury markets reflected a similar return to pre-war positioning. The 10-year yield closed Friday at 4.18 percent, compared with 4.41 percent at the March peak when investors briefly priced in larger Federal Reserve cuts to offset a war-related growth slowdown. Fed funds futures now imply a 62 percent probability of a 25-basis-point cut at the June 16-17 meeting, down from 88 percent two weeks ago.

Dollar weakness was the standout move of the week. The DXY index fell 0.9 percent, its third consecutive weekly decline, as haven flows that had built up during the conflict reversed. The euro pushed back above $1.10 for the first time since February, and the yen strengthened to 148.30 against the dollar, helped by hawkish remarks from a Bank of Japan deputy governor at a Tokyo seminar Friday.

In commodities outside oil, gold gave back another 1.8 percent on the week to close at $2,238 an ounce, more than $200 below its April 3 record. Copper rose 1.4 percent on stronger Chinese factory data, while wheat fell after Black Sea shipping volumes ticked higher.

Asian markets opened cautiously bid Sunday evening New York time. The Nikkei 225 was indicated 0.6 percent firmer in pre-market trade, with the Topix banking subindex extending its post-ceasefire rally. Hong Kong’s Hang Seng futures were up 0.4 percent. Australian S&P/ASX 200 futures pointed to a flat open ahead of mining results later in the week.

Macroeconomic data on the calendar is thinner than usual but front-loaded. U.S. first-quarter GDP lands Thursday morning, with consensus at 1.4 percent annualized, a sharp deceleration from the prior quarter that reflects both the March consumer pullback and a one-time inventory drag. The Fed’s preferred inflation gauge, the core PCE price index for March, follows Friday morning; economists surveyed by Bloomberg expect 2.7 percent year over year, unchanged from February.

European focus will be on flash April CPI prints from Germany, France and Spain on Wednesday and Thursday, the first inflation readings since lower oil prices began to feed through. Eurozone aggregate inflation is expected to print at 2.4 percent, with services stickiness still the chief concern of European Central Bank officials.

OPEC+ ministers are not scheduled to meet again until June 4 in Vienna, but Saudi Energy Minister Prince Abdulaziz bin Salman told a Riyadh forum Saturday that the group would “assess conditions as they evolve” and remained committed to “stable, predictable supply.” Two delegates speaking on condition of anonymity said no informal discussions of a production rollback had taken place.

Strategists at major banks have begun to publish revised year-end targets reflecting the changed environment. Goldman Sachs trimmed its Brent forecast Friday to $88 for the fourth quarter, from $94. JPMorgan held its S&P 500 year-end target at 6,000, while Morgan Stanley raised its target to 5,950 from 5,800. Officials at the International Energy Agency said an updated monthly oil market report would be published Tuesday.