Oil prices are falling, offering some relief after months of pressure from energy costs and Middle East tensions.

Uncertainty continues over a proposed energy ceasefire between Russia and Ukraine after US President Donald Trump announced that both countries had agreed to halt attacks on each other's energy infrastructure. However, continued strikes and conflicting statements have raised questions about whether an agreement has been finalized.

US President Donald Trump said Washington is not planning further military strikes against Iran before the November 3 midterm elections.

Brent crude climbed back above $105 per barrel as renewed tensions involving the US, Israel, and Iran raised concerns about another escalation in the Middle East. Reports of possible military preparations have brought geopolitical risks back into focus, supporting oil prices and adding uncertainty to the broader market outlook.

US manufacturing extended its expansion in September, with stronger demand and hiring offset by a sharp rise in input costs.

US corporate earnings continue to show solid growth, with artificial intelligence and the energy sector providing much of the momentum.

US job growth lost significant momentum in September, with nonfarm payrolls rising by just 29,000, far below expectations of around 95,000.

Albert Edwards has warned that current equity market conditions are beginning to show similarities with previous market peaks, including 1999 and 2007. He argues that some of the narratives being used to support elevated valuations resemble those seen before earlier major market corrections.