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Oil prices fell sharply and U.S. stock futures rallied in early European trade as the U.S. and Iran paused attacks, reviving hopes for diplomatic progress and a reopening of the Strait of Hormuz.

Brent crude futures, which last week closed above $100 a barrel, are back to about $87, though significant pressures to oil supplies remain.

It’s pretty obvious by now that globalization has fallen out of favor. And while many pundits have deemed economic globalism dead, we are still figuring out what to call this new era. Branko Milanovic’s chosen phrase is “national market liberalism,” a term that sums up how a world once defined by the free movement of capital has begun to contract as the most powerful governments have come to favor mercantilism and nationalism. In his new book, The Great Global Transformation: The United States,

The birth of national market liberalism.

AT&T Inc. has opened books on a at least €2 billion ($2.23 billion) euro and sterling bond offering, injecting a large corporate deal into what’s a traditionally subdued period for Europe’s primary market.

A temporary pause to the U.S.-Iran conflict appeared to hold on Monday, after negotiations over a lasting peace faced fresh hurdles over the weekend.