Headlines:Iran operatives have secretly made offer to discuss terms for ending the war - NYTUS futures pare losses, turn positive on the daySaudi Aramco's Ras Tanura refinery struck again by unknown projectile - reportSwitzerland February CPI +0.1% vs -0.1% y/y expectedEurozone January PPI +0.7% vs +0.2% m/m expectedEurozone February final services PMI 51.9 vs 51.8 prelimUK February final services PMI 53.9 vs 53.9 prelimBOJ governor Ueda says wage increases much needed to get inflation to price targetG7 finance ministers and central bankers to meet early next weekChina's top legislature says willing to work with the US but will hold its 'red lines'Markets:WTI crude oil flat at $74.90, falling from a high of $77.23Brent crude oil up just 0.3% to $82.20, falling from a high of $84.48US dollar retreats across the boardEuropean stocks rebound, DAX up 1% on the dayUS futures reverse losses, S&P 500 futures now flatGold up 1.5% to $5,166 and silver up 4% to $85.40US 10-year yields up 2 bps to 4.08%Bitcoin up 4.8% to $71,320The market mood was nervous and anxious to start the session but slowly we're starting to see perhaps a glimmer of hope to the US-Iran conflict.While the Strait of Hormuz de facto closure continues (UKMTO reports of a vessel being hit while transiting again in the last hour), there is a report by the NYT suggesting that Iran may be planning to de-escalate. It remains to be seen how credible that might be but at least it is helping to take some of the sting out of broader market sentiment for now.Oil prices are seen retreating from the highs with WTI crude oil easing back to near flat territory around $74.90 now while Brent crude oil is just holding marginal gains at $82.20 on the day.In the equities space, we're seeing a rebound in European stocks since the open as the risk mood in US futures also picked up during the session. The latter even coming before the NYT report made the rounds. S&P 500 futures were down by as much as 0.7% earlier in the session but are now trading flat ahead of the Wall Street open later.As for major currencies, the dollar is ceding ground after the gains in the past two days. EUR/USD is seen up 0.2% to 1.1630 while USD/JPY is down 0.3% to $157.20 levels amid some added verbal intervention by Tokyo officials. The changes are light as traders are still weighing up the US-Iran conflict for the most part.In other markets, precious metals are staying more bid with gold up 1.5% to $5,166 while silver is up 4% to $85.40 on the day. That follows the sharp drop from yesterday as volatile selling pressures continue to haunt precious metals.Besides that, 10-year Treasury yields are keeping up by 2 bps to 4.08% while Bitcoin is up nearly 5% in reclaiming back the $70,000 mark today. The cryptocurrency is now trading up to $71,320 with eyes of completing a bullish turnaround on a break of the $72,000 level. This article was written by Justin Low at investinglive.com.