Brent crude has slid below $93 a barrel and U.S. equity futures pointed higher heading into Monday’s open, as investors took fresh comfort from a holding Gulf ceasefire and a heavy slate of corporate earnings due across the coming week.

Brent settled Friday at $92.74, down 2.3 percent on the week and roughly 26 percent off the $125 peak it touched in late March, when Israeli and Iranian forces traded their heaviest exchanges. West Texas Intermediate finished at $88.31. Both benchmarks have now closed lower in four of the past five weeks, a stretch that has translated directly into cheaper gasoline at the pump and a noticeably less anxious tone in trading desks from London to Singapore.

“The risk premium that built up in March has been almost fully wrung out,” said Marisol Trent, head of commodities strategy at Northcrest Capital in New York. “Buyers are now pricing a normal market — one with adequate supply, soft Chinese demand and an OPEC+ that has chosen for the moment to keep the taps open.”

The cartel’s April 1 emergency decision in Vienna to add roughly 1.5 million barrels per day, taken when Brent was still north of $115, continues to weigh on prices even as the underlying conflict has cooled. Saudi and Emirati officials have publicly suggested the supply boost is “temporary and reviewable,” but no producer has yet moved to claw barrels back, and traders said any rollback before the cartel’s scheduled June meeting now looks unlikely.

Equity markets ended last week with the S&P 500 just 1.1 percent below its pre-war closing high, having clawed back nearly all of the 4.3 percent loss it suffered in late March. The Nasdaq Composite is again in positive territory for the year, helped by a stronger-than-expected report card from the largest U.S. technology firms in April. The Dow Jones Industrial Average remains slightly lower year to date, dragged by weakness in defense and energy names that had run hard during the war.

Earnings season hits its peak this week, with about 165 S&P 500 companies scheduled to report. Walt Disney Co., Pfizer Inc., Uber Technologies Inc. and Marriott International are among the most-watched names on the calendar. Analysts polled by FactSet are looking for blended first-quarter earnings growth of about 7.6 percent, up from the 6.1 percent pace estimated when the season began, with consumer-facing companies expected to lag the broader index.

“The big question this week isn’t really the numbers — those have been fine — it’s the guidance,” said Daniel Okoye, chief U.S. equity strategist at Helverston Securities. “Management teams that pulled forecasts in March because of the war now have to put something back on the table. The market is going to reward clarity and punish hedging.”

Bond markets reflected a similar rebalancing. The yield on the 10-year U.S. Treasury note closed Friday at 4.21 percent, down from 4.58 percent at the height of war-related flight-to-quality buying and roughly back to where it traded in mid-March. Federal funds futures imply a 64 percent probability that the Federal Reserve will hold rates steady at its next meeting, with the first cut now priced in for September rather than July. Fed Chair Sarah Lindgren is scheduled to address the Economic Club of Chicago on Wednesday, her first major public remarks since the ceasefire took effect April 15.

Currency desks reported a quieter week. The dollar index slipped 0.4 percent against a basket of peers, the euro firmed above $1.10 for the first time since February, and the Japanese yen strengthened modestly on speculation the Bank of Japan may move to formalize its policy-tightening bias at its meeting later this month. Gold, which had touched a record above $2,750 an ounce in early April, closed Friday at $2,512.

In Asia, the Shanghai Composite ended last week up 1.8 percent after Beijing announced a fresh round of targeted infrastructure spending and a modest cut to the reserve requirement ratio for mid-sized lenders. Hong Kong’s Hang Seng added 2.4 percent, led by mainland property developers. Japan’s Nikkei 225 gained 1.6 percent, supported by exporters benefiting from the steadier oil backdrop.

European bourses were mixed. London’s FTSE 100 dipped 0.3 percent on weakness in BP and Shell. Germany’s DAX added 0.9 percent. The Stoxx Europe 600 is now back within three points of its February high, helped by a continued rally in industrials and a stabilization in auto-sector orders after a difficult first quarter.

Commodities beyond oil told a more cautious story. Copper, often read as a barometer of global industrial demand, slipped 1.2 percent on the week to $4.18 a pound, weighed by softer manufacturing data out of Germany and a downward revision to South Korean export figures. Wheat futures jumped 4 percent on dry-weather forecasts across the U.S. Plains. Liquefied natural gas cargoes bound for Europe traded at their lowest level in fourteen months as inventories rebuilt faster than expected following the spring drawdown.

Shipping markets have continued to normalize. The Baltic Dry Index rose for a third straight week, and container rates on the Asia-to-Europe route have fallen another 6 percent as carriers resume routine transits through the Bab el-Mandeb. Insurance war-risk premiums on Gulf transits, which spiked above 1.5 percent of hull value in early April, are now quoted near 0.35 percent — still well above pre-war levels of about 0.12 percent, but trending steadily lower.

“The market is acting as if the war is genuinely over, not just paused,” said Layla Hassan, a Beirut-based regional analyst with Levant Macro Advisors. “Whether that conviction is justified will be tested over the summer driving season. For now, the trade is to buy what got beaten up in March and trim what got rich in April.”

Treasury Secretary Adrienne Caldwell is scheduled to host finance ministers from the G7 in Washington on Friday and Saturday, with energy-market stability and post-war Iraqi reconstruction financing expected to dominate the agenda. Officials briefed on the meetings said a joint communique would be issued Saturday afternoon.