UVIX is trading at $37.95, down 2.39%, as renewed Saudi, Turkish, and Pakistani diplomacy with Iran eased immediate escalation concerns and helped reduce oil-supply fears.
- The VIX fell 5.45% Monday, while near-dated volatility gauges also declined, consistent with reduced demand for short-term protection.
- U.S. equity futures are higher, adding to the risk-on backdrop; the Federal Reserve decision Wednesday remains a near-term event risk.