Oil prices climbed more than 2% to hit $107.97 per barrel, driven by stalled U.S.-Iran peace talks that have disrupted Middle East energy exports. This increase raises inflation concerns and has led traders to largely dismiss the possibility of rate cuts this year. In contrast, U.S. stock futures fell 0.3% after the cash market achieved a record closing high on Friday, buoyed by strong performances from AI-related stocks. The dollar strengthened slightly, while the euro and yen experienced minor declines. Goldman Sachs analysts have revised their year-end forecast for Brent crude from $80 to $90 per barrel, contingent on the normalization of Gulf exports. As central banks prepare for meetings this week, expectations are that they will hold rates steady, with inflation pressures influencing their decisions. Notably, significant tech earnings reports are anticipated, including from giants like Microsoft and Amazon, which could impact market sentiment further.